▌Top Stocks · PRIVATE MARKETS·Updated September 23, 2026
Best Private Markets Stocks for September 2026
A countdown of seven private equity, private credit, real-assets and secondaries stocks, with Carlyle, Hamilton Lane and StepStone among the publicly discussed names.
Top Stocks · PRIVATE MARKETSUpdated September 23, 2026
Private markets remain one of the most important structural themes in financial services. Listed alternative asset managers and private credit platforms are positioned between strong long-term demand for nontraditional financing and a more demanding public-market environment focused on valuations, credit quality and realizations. Higher-for-longer rates, slower exits and withdrawals from some private credit vehicles have made the path less smooth, but they have also increased the value of scale, diversification and disciplined underwriting.
The opportunity spans several business models. Private equity managers monetize buyouts and growth investments; private credit lenders provide financing as banks retrench; and real-assets platforms target infrastructure, real estate and other tangible assets. Secondaries, evergreen funds, interval structures and wealth-distribution channels are also widening access to private assets. Hybrid firms that combine credit, insurance, origination and institutional distribution may be especially relevant as investors seek both yield and liquidity solutions.
This countdown covers seven US-listed companies with meaningful exposure to private equity, private credit, real assets, secondaries or related alternative strategies. The ranking starts with #7 and moves down to #1, balancing depth of private-markets exposure with business fundamentals, valuation, profitability, growth and recent earnings execution. Investors should view the list as a way to compare different routes into the same broad theme rather than as a substitute for assessing each company's balance sheet and strategy.
Our screen covered US-listed companies with market capitalizations above $500 million and substantial operating exposure to private markets or adjacent alternative-asset businesses. We ranked candidates first by the depth and breadth of that exposure, then by composite fundamentals including profitability, growth, valuation and earnings consistency. The article is presented in countdown order from #7 to #1, with the highest-ranked pick revealed at the end. Market capitalization and analyst figures are drawn from the supplied September 23, 2026 data.
What they do. The company is a diversified investment firm spanning Corporate Private Equity, Real Assets, Global Market Strategies and Solutions. Its strategies include leveraged buyouts, structured credit, distressed and corporate opportunities, senior debt, mezzanine financing, venture and growth capital, and fund-of-funds investments across sectors ranging from industrials and infrastructure to technology, healthcare and real estate.
Why it fits. Carlyle offers direct exposure to several of the theme's core channels rather than a single private-markets niche. Its combination of corporate private equity, real assets, global market strategies and Solutions gives investors access to buyouts, private credit, infrastructure-related assets and fund-of-funds activity, although the breadth also makes results dependent on fundraising, realizations and market conditions across multiple strategies.
Numbers that matter. Revenue was $2.7967 billion, while year-over-year revenue declined 32.9% and earnings declined 57.5%. Profitability remains mixed: gross margin was 98.3%, operating margin was 26.86% and net margin was 13.01%, with return on equity at 7.77%. Core valuation data showed a trailing P/E of 42.35 and a forward P/E of 7.81, a wide gap that underscores the sensitivity of reported earnings to the cycle.
Recent momentum. Carlyle beat the estimate by 21.6% in the quarter reported on August 5, 2026, producing EPS of $1.07 versus an estimate of $0.88, but it missed by 3.3% in the prior reported quarter. Its seven-quarter beat rate was 4/7. Analyst opinion was cautious, with 2 Buy, 8 Hold and 1 Sell ratings, a consensus score of 3.7647 and an average target of $58.2353.
What they do. The company is a private equity and venture capital firm offering direct credit, direct investments, fund-of-funds, evergreen and real-assets strategies. It invests across primary and secondary funds, private equity, buyouts, special situations, growth equity, mezzanine, venture capital and credit, with a global footprint spanning North America, Europe, Asia Pacific and the Middle East.
Why it fits. Hamilton Lane is one of the most focused ways to access the private-markets ecosystem in this group. Its mix of primary funds, secondaries, direct credit, evergreen products and real assets aligns with the industry's push toward broader distribution and more flexible liquidity structures. The fund-of-funds model also provides diversification across managers and strategies rather than relying on one investment sleeve.
Numbers that matter. Revenue was $858.4 million, up 56.5% year over year, while earnings growth was 50.5%. The company reported a 60.7% gross margin, 45.93% operating margin and 32.14% net margin, supported by return on equity of 32.42% and return on assets of 10.78%. Valuation was comparatively moderate at a trailing P/E of 13.44 and forward P/E of 12.39, though the next-year EPS estimate of $5.9917 is below trailing EPS of $6.52.
Recent momentum. Hamilton Lane has beaten estimates in all seven reported quarters. The latest result, on August 4, 2026, came in at $1.94 per share versus an estimate of $1.52, a 27.6% surprise; the preceding quarter beat by 4.2%. Analysts listed 5 Holds and 1 Sell, with no Buy count reported, despite an average target of $133.4286 and a consensus score of 2.8333.
Market cap: $5.9B · Quality grade: C · Analyst consensus: Hold (avg target $69.56)
What they do. The company specializes in primary, direct, fund-of-funds and secondary investments across private equity and venture capital. Its opportunity set includes private debt, venture debt, growth capital, distressed and turnaround investments, infrastructure, real assets, real estate, credit, clean energy and renewables, with operations and investments spanning North America, Europe, Asia and other global markets.
Why it fits. StepStone has unusually deep exposure to the private-markets spectrum, including primary funds, direct deals, co-investments, follow-ons and both direct and indirect secondaries. That breadth touches the theme's fundraising, private-credit, secondaries and real-assets pillars. It also gives the business potential access to multiple capital channels, although the broad platform does not eliminate the pressure from slower realizations or difficult portfolio marks.
Numbers that matter. Revenue was $2.0082 billion and grew 4.0% year over year, but earnings declined 38.5%. Profitability was the clearest weakness: gross margin was negative 48.4%, operating margin was negative 54.06% and net margin was negative 30.54%, with return on equity of negative 61.4% and return on assets of negative 11.64%. The forward P/E was 19.53, while trailing EPS was negative $7.70.
Recent momentum. StepStone's seven-quarter beat rate was 4/7, and the latest reported quarter missed by 5.9%, with EPS of $0.48 versus an estimate of $0.51. The prior quarter was stronger, beating by 14.0%. Analysts recorded 1 Buy and 3 Holds, with no Sell count reported, alongside a consensus score of 3.8333 and an average target of $69.5556.
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What they do. The company operates an alternative-asset platform with Direct Lending, Private Equity and Real Estate groups. It provides financing to small and midsized companies, invests through buyouts, growth capital, mezzanine and distressed strategies, and originates or invests in commercial real-estate financing and development opportunities.
Why it fits. Ares is particularly relevant to the private-credit side of the theme because its Direct Lending Group provides financing solutions to small and medium-sized companies. Private equity and real estate add further exposure to buyouts, growth investments and property-level debt or equity. The combination creates a hybrid platform tied to both the expansion of nonbank lending and the demand for real-assets capital.
Numbers that matter. Revenue was $5.9876 billion, up 5.8% year over year, while earnings growth was 6.5%. Margins included 37.4% gross, 19.38% operating and 10.63% net, with return on equity of 14.94%. The trailing P/E was 58.01 compared with a forward P/E of 17.70, suggesting that the earnings base used for forward valuation is materially different from trailing results.
Recent momentum. Ares has a seven-quarter beat rate of 2/7. Its latest reported quarter matched the $1.29 estimate, while the two preceding quarters missed by 12.1% and 14.2%, respectively. Analysts were more constructive than the earnings record, with 6 Buys and 5 Holds, a consensus score of 3.9333 and an average target of $147.7778.
Market cap: $145.1B · Quality grade: B · Analyst consensus: Hold (avg target $144.38)
What they do. The company is a diversified alternative-asset manager offering private equity, venture capital, real estate, credit, hedge-fund solutions, secondaries, public debt and equity, and multi-asset strategies. Its real-estate platform spans opportunistic, core-plus and debt investments, while its corporate private-equity business pursues buyouts, recapitalizations, special situations, growth projects and other structured transactions.
Why it fits. Blackstone offers one of the broadest exposures in the group to the migration of capital into private channels. Its private equity, real estate, credit and secondary-fund capabilities cover several major sub-segments, while its public-market and multi-asset offerings add flexibility. That breadth can support fundraising and distribution across market cycles, although the size of the platform also leaves results exposed to broad valuation and realization conditions.
Numbers that matter. Revenue was $15.4833 billion, up 28.6% year over year, while earnings growth reached 57.3%. Blackstone reported a 100.0% gross margin, 54.36% operating margin and 22.73% net margin, along with return on equity of 31.37% and return on assets of 14.33%. The trailing P/E was 28.25 and forward P/E was 16.86, a valuation supported by strong recent growth but still sensitive to the outlook for realizations.
Recent momentum. Blackstone has beaten estimates in all seven reported quarters. The latest result, on July 23, 2026, produced EPS of $1.52 versus an estimate of $1.33, a 14.3% surprise, following a 1.5% beat in the prior quarter. Analysts listed 3 Buys and 13 Holds, yielding a consensus score of 3.7391 and an average target of $144.381.
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The screen began with US-listed companies above $500 million in market capitalization whose primary businesses include private equity, private credit, real assets, infrastructure, secondaries, fund-of-funds investing or closely related alternative-asset activities. Companies were ordered first by the depth and breadth of their private-markets exposure, then by profitability, growth, valuation, leverage-related indicators, earnings consistency and analyst sentiment. The composite quality grade is presented as a comparative input rather than a standalone recommendation. The list is refreshed monthly, so market capitalization, consensus figures and earnings histories should be reassessed when new data become available.
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