Sponsored byQ12023GLOBALPrivate Market Fundraising Report2Sponsored byContentsInstitutional Research GroupAnalysisDataTJ Mei Data Analystpbinstitutionalresearchpitchbook.comPublishingReport designed by Joey Schaffer and Chloe LadwigHilary Wiek, CFA, CAIA Senior Strategisthilary.wiekpitchbook.comTim Clarke Lead Analyst, Private Equitytim.clarkepitchbook.comNavina Rajan Senior Analyst, EMEA Private Capitalnavina.rajanpitchbook.comJuliet Clemens Analyst, Fund Strategiesjuliet.clemenspitchbook.comAnikka Villegas Analyst, Fund Strategies & Sustainable Investinganikka.villegaspitchbook.comKaidi Gao Associate Analyst, Venture Capitalkaidi.gaopitchbook.comPitchBook Data, Inc.John Gabbert Founder, CEONizar Tarhuni Vice President, Institutional Research and EditorialDaniel Cook, CFA Head of Quantitative ResearchQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTPublished on May 24, 2023Click here for PitchBooks private market glossary.Click here for PitchBooks report methodologies.OverviewA word from RSM46Spotlight: How tough is the fundraising environment actually? 8Private equity11Venture capital14Real estate17Real assets20Private debt23Funds of funds26Secondaries29Top funds by size32StrategyCapital raised ($B)YoY changePrivate equity$455.0-15.8%Venture capital$202.0-38.4%Real estate$92.3-42.0%Real assets$62.8-63.9%Debt$197.0-21.9%Fund of funds$19.9-50.6%Secondaries$62.439.6%Private capital$1,091.4-29.1%YoY fundraising changes by strategy (trailing four quarters)Source: PitchBook Geography: Global*As of March 31, 2023The accompanying Excel file contains additional charts and all underlying data for this report. Download the XLS summary here.Fund administration done differently.RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax and consulting firms. Visit rsmus.com/aboutus for more information regarding RSM US LLP and RSM International.Using a scalable, tech-driven, holistic and integrated approach, RSMs comprehensive fund management solution helps you achieve operational alpha. Experience the power of being understood. Experience RSM.rsmus.com/fundservicesprivate-funds-cfo-magazine-ad-final.indd 14Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTOVERVIEWOverview$656.7$850.3$893.7$1,066.4$1,200.3$1,294.4$1,432.8$1,334.1$1,560.4$1,241.6$210.82,5613,7234,3524,7735,0405,2364,9055,1915,6023,31938220132014201520162017201820192020202120222023*Capital raised ($B)Fund countPrivate capital fundraising activitySource: PitchBook Geography: Global*As of March 31, 20230%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*SecondariesFoFPrivate debtReal assetsReal estateVCPEShare of private capital raised by typeSource: PitchBook Geography: Global*As of March 31, 2023Hilary Wiek, CFA, CAIA Senior StrategistWhile its still early yet, it does not seem risky to predict that 2023 is unlikely to set any private capital fundraising records. 2022 was $318.8 billion off the 2021 high, and 2023 is tracking well behind where 2022 was at this time last year, both in terms of the number of funds and the capital amount raised. In this reports spotlight and an upcoming note, well look closer at how bad the fundraising environment is compared to history, using our data to support or refute the anecdotal claims.From 2013 to 2018, funds larger than $1 billion took in roughly 60% of capital commitments each year, but the norm appears to have shifted up to a range circling 65% since then. This does combine all strategies globally, so with $1 billion-plus funds becoming somewhat normal in PE93 closed in 2022and increasingly popular in VCa record 52 closed in 2022this could be seen as a metric suffering from inflation. The definition of mega PE funds used to be $1 billion-plus, but now we define them as $5 billion-plus. Larger deals keep closing, necessitating bigger funds to write the checks. Though, that may be a fallacious causality, as bigger funds might very well be leading to larger deals getting done.One interesting recent reversal has been in how much funds have grown from one fund to their successors. 74.8% of the funds raised in Q1 2023 were larger than their prior funda little off the 2022 zenith of 76.4%, but the overall step-up 5Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTOVERVIEWfigure has come down significantly. In 2022, the median step-up was 55.6%, but this year it is slightly below 2021s 44.8% at 43.8%. Each of these three years was still higher than any other years recorded, although it appears that the long-term steep growth in successor fund sizes may have finally hit a ceiling with the slowing fundraising environment. This could be laudatory for returns on these vintages if more discipline is introduced in deal pricing and deal selection because there is less dry powder to chase available deals. Add to this the deep decline in LBO financing availability, and private market participants are likely to be choosier across the board in terms of deal selection.Capital raised for funds in Asia has seen a precipitous drop since its high point in 2018. That year, Asia collected 31.3% of all global commitments, but that share had fallen to just 11.2% in 2022 and only 8.2% thus far in 2023. Europe has represented a pretty consistent low 20s in share of global capital raised over time, though 2022 and 2023 saw that floor breached with only a 16.2% and 17.5% share, respectively, likely due to the uncertainty caused by the war in Ukraine and the economic impacts on the region.Secondaries pulled in a greater percent of capital raised in Q1 2023, but that was largely due to two funds from Blackstone closing on a combined $24.9 billion in January. VC has been on a decline in terms of share of total capital raised since $0$500$1,000$1,500$2,000$2,500$3,000$3,500$4,0002013201420152016201720182019202020212022*20222021202020192018201720162015Cumulative overhangOverhang by vintage0%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*NorthAmericaEuropeAsiaOceaniaMiddleEastAfricaRest ofworldPrivate capital dry powder ($B) by vintageShare of private capital raised by region64.5%63.3%68.4%66.5%72.0%68.9%71.5%70.4%73.0%76.4%74.8%0%10%20%30%40%50%60%70%80%20132014201520162017201820192020202120222023*% of funds larger than predecessorStep-upMedian step-up from previous private capital fund in fund familySource: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of September 30, 2022Source: PitchBook Geography: Global*As of March 31, 20232018, when it reached a record 25.6%. In 2023 thus far, VC has only received 14.0% of the commitments weve recorded. That said, these figures will shift upward as more closings are identified and added to the data.6Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTA WORD FROM RSMA WORD FROM RSMBuilding credibility and resilience in an uncertain marketEstablishing strong back-office processes, implementing technology, and connecting with fund administrators are three ways managers can attract PE investors in a difficult market Heightened uncertainty around global financial markets due to rising interest rates, inflationary pressures, valuations, and a challenging labor environment has created instability for private equity GPs, leading them to take a more cautious approach to deals. In 2022, the real estate market saw a contraction and a concentration of equity placed across fewerfunds. According to data from PitchBook, $460.2 billion was raised across just 597 funds. While that $460.2 billion represents the fourth-highest year of PE capital commitments on record, it also marked the lowest number of funds to have received investment since 2012, suggesting that a smaller number of funds accounted for a larger share of the total capital raised.This trend has led to middle-market private equity fund managers feeling intense pressure to try and get a piece of the pie. Getting ahead of the competition requires meeting ever-increasing demands for data and transparency, which calls for firms to embrace digitalization.The need for specialized investor services also continues to grow and often includes tax and structuring advice, complex accounting and waterfall analysis, valuation support, business strategy development, and forecasting, among other deliverables. Fortunately, recent shifts in the fund services space and technological advancements have made it possible for middle-market managers to create an institutional-grade environment for LPs. Employing strategies to better deliver on deadlines and provide peace of mind to LPs will help smaller funds to thrive in todays uncertain market. Building credibility with a premier back office Established and emerging managers must show they can execute without distraction, which starts by answering questions weighing heavily on investors minds: Who does the fund rely on to perform critical functions? Is the fund able to deliver complete, accurate, timely, and quality reporting? Does the fund work with reputable third parties? Finally, can the fund deliver real-time portfolio insights?Finding and retaining the right people to handle critical back-office functions is a constant challenge, and it can delay fundraising efforts or hamper responsiveness to investor needs. To help fill talent gaps, outsourcing has become an increasingly desirable option.Based on RSMs research, approximately half of middle-market PE firms use a third-party fund administration solution, including most emerging funds. Given todays heightened requirements around transparency and compliance, it is highly unusual for an emerging fund to be self-administered.Relying on a third-party administrator helps fund managers deliver timely and thorough reporting to investors with greater levels of control, quality, and consistency.1 In the event of an audit, William Andreoni serves as the National Financial Services Leader for the technical accounting consulting (TAC) practice at RSM US LLP and is the National Co-leader for the fund administration practice (RSM Fund Services+). In these roles, he develops and executes services in the private equity, asset management, and venture capital markets, with a focus on bringing both holistic and integrated solutions to clients. Troy Merkel is the Consulting Leader and Senior Analyst in the real estate industry for RSM US LLP in the firms Boston office. As a member of RSMs cutting-edge industry eminence program, he advises clients on market policy and technology trends that have an impact on the real estate industry.William AndreoniPartner RSMTroy MerkelPartner RSM7Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTA WORD FROM RSMhaving financials reviewed by a third party with a reputation for accuracy will help instill confidence. Conversely, a self-administered fund could raise red flags to investors, auditors, and regulatory bodies during due diligence.The importance of brand recognition and reputation cannot be underestimated in helping to build credibility with investors, especially for emerging fund managers. Outsourcing to a credible third party also ensures bench strength to show that a fund can execute and get investors what they need when they need it.Embracing digital transformationJust as self-administering back-office functions pose risks and inefficiencies, so does attempting to maintain legacy fund administration processes.Managers who fail to keep up with innovation are destined to be left behind. Investing in automation is the path forward. Funds that lag in technology adoption will face mounting pressure to deliver real-time performance metrics and increased transparency to investors. Funds must digitalize to be able to compete in a world accustomed to instant access to information.It will soon be unheard of to wait 45 days post-quarter to receive fund data and insights; in the future, it will take seconds. Fund managers need to highlight their ability to deliver instant data to support investor demands, which is why many are shifting their focus to automation solutions and moving away from traditional spreadsheets. Operational complexities can be simplified with the right digital tools and processes in place.For many funds, it is a build-or-buy decision; however, it is critical to recognize that technology is not a one-time investment but a continuous and evolving transformation journey.Onboarding and utilizing technology platforms require significant technical expertise as well as financial and human capital resources. As fees compress and costs increase, managers must manage every dollar, and IT maintenance is a major consideration. Ideally, a service provider will have cross-functional teams consisting of IT and business professionals to offer a truly integrated investor experience.In todays cautious environment, investors also want to see independent third-party insights into activities, such as valuations for complex investments. When a reputable third party is involved in every aspect of reportingwhether it is tax information, traditional books and records, or valuationsit helps build trust and credibility with investors, allowing funds to stand out from other investment options. Having a sophisticated technology stack can also improve a funds security posture and make it easier to fundraise.Enhancing the funds ability to growThe ability to grow and maintain resilience in todays market means fund managers need to demonstrate that they can execute without distraction. For established and emerging funds, a managers core responsibility is successfully driving investment performanceand much of that success now depends on the ability to provide operational excellence and an ever-growing list of services and solutions to meet investors demands.To keep up with LP demands, many funds have forged strategic partnerships with multiple service providers, which raises important considerations. While one company may be great to work with on an individual basis, it doesnt mean it can effectively collaborate with other providers, which only complicates a managers responsibilities around vendor management.If a manager is unable to perform effective vendor oversight, it could lead to increased risk and decreased efficiency. In the event that a vendor relationship doesnt work out, the last thing a fund manager wants is to have to find a replacement, go through the due-diligence process again, and explain their decisions to investors and, potentially, regulators.One solution to this challenge is the consolidation of fund administrators through increased M&A activity, which has led to a rise in specialty fund services providers. In addition to handling foundational fund administration functions, many of these consolidated providers are offering supplemental services such as valuation; environmental, social, and governance advisory; and IT management.Fund managers should look for a service provider that can scale to support growth without lag. Even better, an advisor should also be credible across multiple disciplines, be able to provide insight into every direction of the market, and help navigate proposed regulations, including environmental, social, and governance reporting.1: “How Next-Gen Fund Administration Services Elevate Operations: 6 Capabilities of Best-in-Class Fund Services,” RSM, January 30, 2023.8Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTSPOTLIGHT: HOW TOUGH IS THE FUNDRAISING ENVIRONMENT ACTUALLY?SPOTLIGHTHow tough is the fundraising environment actually?Share of capital raised by emerging managers by strategy and periodSource: PitchBook Geography: Global*As of March 31, 2023Hilary Wiek, CFA, CAIA Senior StrategistIn conversations with GPs, the mood around fundraising has been melancholic, even amongst established fund managers. By mid-2022, some LPs were saying that they had made the bulk of the years commitments already because existing GPs were coming back to market faster and with larger funds than expected. For other LPs, they were following a languid pace of commitments due to the drop in public markets triggering the denominator effect, leading LPs to pull back on commitments to ensure they didnt become too overallocated to private markets. Emerging managers,1 in particular, have claimed to suffer as a result of these trends, but in reality, they always have a tough time without a history of prior fund performance to support their pitch.2To determine if the recent period has been vastly different from history, we decided to segment all funds raised into two bucketsrecent (2022 and Q1 2023) and historical (2008 through 2021)and then further separate out emerging manager funds. In addition, we broke out the total private capital totals across the seven strategies we typically profile in this report.3 In the historical period, 30.5% of the assets raised went to emerging fund managers. This did vary quite widely across strategies, as over half of VC fundraising went to emerging 1: We define emerging managers as asset managers who have raised three or fewer funds firmwide. 2: For GPs looking for thoughts on how to better hone their pitch, refer to PitchBooks Guide to Your Pitch. 3: One major caveat is that given that this is private market data, the smaller and newer a manager, the less likely their fund information is easily discoverable through the press or other methods in a timely fashion. In fact, our fundraising data for 2022 will be markedly higher a year from now. This is particularly true for fund managers that are still flying well below the radar. For this reason, we allowed the “recent” timeframe to be longer than some might hope to see when discerning market trends.0%10%20%30%40%50%60%Private capitalPrivate equityVenture capitalPrivate debtReal estateReal assetsSecondariesFunds of funds2008-20212022-2023-19.7%-12.8%-15.5%-3.8%-19.6%-2.6%-22.1%-13.6%9Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORT05101520252008200920102011201220132014201520162017201820192020202120222023*Top quartileAverageMedianBottom quartileRange of private capital fund time (months) to closeSource: PitchBook Geography: Global*As of March 31, 2023managers, while only 5.0% of secondaries fundraising did so. In the last five quarters, however, only 16.9% of capital commitments went to emerging fund managers, though emerging VC and real estate did better, and private debt, secondaries, and funds of funds (FoF) did more poorly than private capital funds overall.By number of funds raised, emerging managers have typically represented more than half of all private capital funds closed in any given period. In the last five quarters, however, it appears that emerging fund managers have dropped below that 50% share. Emerging VC is holding up that figure with a slightly higher than half share of funds raised, but emerging PE and real assets fundswhich have historically represented SPOTLIGHT: HOW TOUGH IS THE FUNDRAISING ENVIRONMENT ACTUALLY?Share of funds raised by emerging managers by strategy and periodSource: PitchBook Geography: Global*As of March 31, 2023-10.4%-15.0%-12.0%-18.1%-6.0%-14.7%-9.2%6.0%0%10%20%30%40%50%60%70%Private capitalPrivate equityVenture capitalPrivate debtReal estateReal assetsSecondariesFunds of funds2008-20212022-202310Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTover half of the funds raised in those strategiesfell below 50% recently. Interestingly, by number of funds raised, emerging secondaries funds actually gained share recently. But private equity and private debt, fund strategies that are deeply interrelated, saw the largest drops in the share of emerging manager funds raised. Private debt and private equity are most likely to attract allocators who are newer to the private markets and more likely to select larger, more established fund managers that are perceived to be less risky.Looking at the data for all private capital, we can see that the median time for a fund to close, in months, has been remarkably stable over time. There was a spike in 2009 as the Global Financial Crisis played out, but looking at the median, the funds that made it to a final close have taken roughly 12 to 13 months to do so. That said, the spread between the managers who were the fastest and slowest to get to a final close has widened.4 In 2023 through March, the top quartile fundsin terms of longest time to reach a final closetook 19.8 months, while the bottom quartile funds only took 4.6 months, a 15.2 month disparity. In 2019, that spread was only 12.6 months.01234562008200920102011201220132014201520162017201820192020202120222023*Top quartileAverageMedianBottom quartileRange of private capital time (years) to close Source: PitchBook Geography: Global*As of March 31, 2023When it comes to years between final closings in a fund family, the median has been flat to down for a number of years. The recent median of this statistic across all fund strategies has been 2.2 years, while between 2011 and 2014, the time was greater than three years; so if time between funds is getting longer as anecdotes imply, it will be a return to a longer-term norm rather than an alarming sign of an industry problem. Even in 2020, the figure was at 2.9 years and has continued to drop for those funds that have managed to close. Funds that manage to close provide a downward bias to this statistic, as ones that have an easier time fundraising will show up in the data, while the ones who are struggling may never make it.In essence, there does appear to be some support for the feelings that fundraising has been difficult recently, but it is hyperbole to state that fundraising has ground to a halt, as hundreds of funds have managed to close on billions of dollars of commitments. LPs do appear to be slowing the pace and are being choosier, however, so funds that might have struggled in easier times are likely wondering if now was really a good time to launch a fund at all. 4: An important qualifier, as in this report we are only including funds that had a final close, not ones that have languished in an open state for extended periods of time.SPOTLIGHT: HOW TOUGH IS THE FUNDRAISING ENVIRONMENT ACTUALLY?11Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTPRIVATE EQUITYPrivate equity$275.0$350.2$272.4$424.1$423.7$395.2$583.0$448.2$579.4$464.2$97.16559468549331,0039321,0221,0841,27174210320132014201520162017201820192020202120222023*Capital raised ($B)Fund countPE fundraising activitySource: PitchBook Geography: Global*As of March 31, 2023Navina Rajan Senior Analyst, EMEA Private CapitalIn Q1 2023, 29.9% of fundraising value comprised of megafunds, pacing below 45.5% in 2022. Three vehicles classified as megafundsover $5 billion in sizeclosed in the quarter, the largest of which was Permiras VIII flagship buyout fund at $17.8 billion. Overall, fund sizes of $1 billion to $5 billion captured the most capital in the quarter at 55.2%, leading megafunds for the first time since 2020. As LPs are less supportive of raising their commitment amounts in conjunction with ever-expanding fund sizes in the face of denominator effects, we expect capital raised in this category to continue to decline versus history.First-time funds raised $2.9 billion over 16 funds in Q1 2023, a quarterly run rate that paces below full-year 2022 ($16.4 billion over 103 funds). However, emerging managers raised $14.6 billion, 15.1% of overall fundraising and up from 13.7% in 2022, taking share from experienced firms. No one is immune to the tougher environment, where fundraising for experienced managers amounted to $82.5 billion in Q1 2023, pacing 18% below full-year 2022 (8% below for emerging managers). Amid increasing market uncertainty, we expect LPs to allocate more toward experienced funds with established track records. North America continues to dominate share of capital, with the region sitting at $68.9 billion in Q1 2023. This quarterly run rate implies a 22% YoY step down on a full-year basis versus $348.1 billion in 2022. On the other hand, quarterly fundraising in Europe came in at $27.4 billion, a run rate which would exceed levels seen in 2022 ($68.1 billion). Whilst this implies Europe is gaining share so far this year, we note the quarterly total was largely dependent upon the Permira fund. As 2023 progresses, regional fundraising trends will fluctuate, meaning it remains to be seen if recovery in Europe exceeds that of the US for the full year.Of the top 10 funds that closed in the quarter, only one was PE growth. Buyout strategies were the predominant fund type in the quarter, where step-up multiples averaged 1.4x. Median fund size within the top 10 was $4.5 billion, compared with $13.8 billion in 2022. Geographically, only two funds out of the 10 were European, including Permira and Waterlands buyout funds situated in London and the Netherlands, respectively. The geographical split is the same regarding open funds, where two of the top 10 open vehicles sit in London and Sweden. Other large open funds that could add to the already promising totals from Europe are Bridgepoint Europe VII and Apax XI, which may have final closes in 2023.12Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTPRIVATE EQUITY$11.9$18.4$18.2$80.4$34.6$24.6$32.9$18.4$29.6$16.4$2.91422171831921941901981902161031620132014201520162017201820192020202120222023*Capital raised ($B)Fund count0%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*$5B+$1B-$5B$500M-$1B$250M-$500M$100M-$250M $100M$0$100$200$300$400$500$600$70020132014201520162017201820192020202120222023*ExperiencedfirmEmerging firm0%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*NorthAmericaEuropeAsiaOceaniaMiddleEastAfricaRest ofworldPE first-time fundraising activityShare of PE capital raised by size bucketShare of PE capital raised by manager experienceShare of PE capital raised by regionSource: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 202313Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTPRIVATE EQUITY$0$200$400$600$800$1,000$1,200$1,400$1,60020122013201420152016201720182019202020212022*Cumulative overhangOverhang by vintage 20222021202020192018201720162015$0$1,000$2,000$3,000$4,000$5,000$6,00020122013201420152016201720182019202020212022*Remaining valueDry powderPE dry powder ($B) by vintagePE AUM ($B)Source: PitchBook Geography: Global*As of September 30, 2022Source: PitchBook Geography: Global*As of September 30, 202214Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTVENTURE CAPITALVenture capital$224.3$319.2$327.2$330.8$315.6$206.2$210.3$269.7$289.4$287.2$286.3$243.1$264.6$299.2$304.3$307.3$327.8$339.2$348.8$278.1$202.02,7762,8022,8732,8462,6282,5772,5422,4592,5522,4862,4702,6122,6742,9403,0522,9212,8242,6942,5161,8061,382Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1201820192020202120222023*Capital raised ($B)Fund countRolling 12-month VC fundraising activity by quarterSource: PitchBook Geography: Global*As of March 31, 2023Kaidi Gao Associate Analyst, Venture CapitalA heightened slowdown has materialized in VC fundraising trends. The trailing 12-month capital raised was nearly as low as 2018 levels, while the respective fund count plummeted to what we saw in late 2014. Venture fundraising activities suffered a knock-on effect from an extremely slow exit environment, as LPs were either unable or unwilling to keep up with the previous fast pace of allocation, given how few paper gains were converted to the cash required for future fund commitments. Elevated company valuations from financing rounds back in 2021 have been challenged by the continuing malaise of the public marketsboth in terms of the inability to realize elevated valuations through IPOs and the need to mark down portfolio holdings in recognition of tougher times. Reportedly, many funds have slowed down the pace of deployment and pushed back the timing of their next fundraise in hopes of seeing the fundraising environment warm up next year. Quarterly capital raised experienced a dip in Q1 2023, settling at $29.5 billion, representing a 72.0% drop from the first quarter of the previous year. With a combination of diminished distributions and the denominator effect caused by the valuation pullback, LPs exercised caution in capital deployment and favored familiar GPs with long-term and consistent track records. A few shifts in geographical fundraising patterns stood out in Q1 2023. Venture funds in Asia raised over half of all capital committed to VC funds globally, a major leap from the 2022 yearly figure of 24.0%, which was a low share level not seen since 2009. Among the 10 largest funds closed in Q1, three were domiciled in China and were all related to regional governments or state-owned enterprises. The massive size of those three Chinese funds constituted 68.2% of all funds closed in Asia during the quarter. In tandem, North America secured 53% of the total fund count, speaking to a more robust and diversified fundraising ecosystem. 15Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTVENTURE CAPITAL0%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*$1B+$500M- $1B$250M-$500M$100M-$250M$50M-$100M $50M0%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*NorthAmericaEuropeAsiaOceaniaMiddleEastAfricaRest ofworld0%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*$1B+$500M- $1B$250M-$500M$100M-$250M$50M-$100M $50MNorthAmericaEuropeAsiaOceaniaMiddleEastAfricaRest ofworld0%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*Share of VC capital raised by size bucketShare of VC capital raised by regionShare of VC fund count by size bucketShare of VC fund count by regionSource: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 202316Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTVENTURE CAPITAL$0$100$200$300$400$500$60020122013201420152016201720182019202020212022*20222021202020192018201720162015Overhang by vintage Cumulative overhangDry powderRemaining value$0$500$1,000$1,500$2,000$2,500$3,000$3,500$4,00020122013201420152016201720182019202020212022*VC dry powder ($B)VC AUM by year ($B)Source: PitchBook Geography: Global*As of September 30, 2022Source: PitchBook Geography: Global*As of September 30, 202217Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTREAL ESTATEReal estateCapital raised ($B)Fund count$121.2$122.0$132.4$145.3$154.2$146.9$163.0$177.6$175.4$201.2$174.6$145.0$135.4$119.5$142.3$156.7$160.4$150.5$128.0$116.1$90.9521514520519510490487556555573567536542555582523503496483294224Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1201820192020202120222023*Rolling 12-month real estate fundraising activity by quarter Source: PitchBook Geography: Global*As of March 31, 2023Anikka Villegas Analyst, Fund Strategies & Sustainable InvestmentFollowing the declining real estate fundraising activity of 2022, raised capital and fund count in Q1 2023 suggest the coming year will bring more of the same. There were $6.3 billion and 25 funds raised, with none above $5 billion in size closed. Given an environment in which economic anxieties are high and capital is more difficult to access, it is unsurprising that just 4.8% of capital went to emerging managers, despite the group accounting for 10 of the funds raised. North American fundraising was hit harder than European, with asset managers in the latter geography raising around one-fifth of its 2022 numbers in Q1, and those in the former raising approximately one-twenty-fifth. In addition, by strategy, there were no core, core plus, or distressed funds raised during the quarter, with value-add vehicles taking 56.9% of capital and opportunistic receiving the remaining 43.1%. However, many of these tides will turn in Q2 2023, with the closing of the $30.4 billion Blackstone Real Estate Partners X fund in April.Among the top 10 largest real estate funds to close in Q1 2023, residential is the dominant sector focus, but hospitality, industrial, and office themes persist. While still far less prevalent than multifamily, single-family rental has become more of an enduring presence in private market funds, and hospitality is becoming popular again. In industrial, logistics remains a center of interest despite an anticipated softening as consumer demand wanes and the industry recalibrates post-COVID-19 pandemic boom.5 With respect to office, European Property Investors Special Opportunities Fund 6 invests in Europe,6 and specifically, Nordic countries. Given the regions more flexible pre-pandemic work culture, a less strained attempt to return to normalcy may be cause for more confidence in the office sectors future compared to countries like the US.5: “Idled Ships, Empty Containers. Ocean Shipping Faces Its Biggest Slump in Years,” The Wall Street Journal, Costas Paris, March 2, 2023. 6: “Tristan Raises 2bn for EPISO 6,” Tristan Capital Partners, January 12, 2023. 18Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTREAL ESTATECapital raised ($B)Fund count$92.6$108.1$137.1$126.7$113.8$145.8$177.6$145.0$157.4$116.4$6.34345735975775405225575375282952520132014201520162017201820192020202120222023* Real estate fundraising activitySource: PitchBook Geography: Global*As of March 31, 20230%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*$5B+$1B-$5B$500M-$1B$250M-$500M$100M-$250M $100M$0$20$40$60$80$100$120$140$160$180$20020132014201520162017201820192020202120222023*Experienced firmEmerging firmShare of real estate capital raised by size bucketReal estate capital raised ($B) by manager experienceSource: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 202319Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTREAL ESTATE0%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*NorthAmericaEuropeAsiaOceaniaMiddleEastAfricaRest ofworld0%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*CoreCore plusValue-addOpportunisticDistressed Share of real estate capital raised by regionShare of real estate capital raised by typeSource: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 202320Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTREAL ASSETSReal assets$93.7$104.4$138.4$132.2$128.0$131.3$93.3$119.1$144.0$128.2$129.3$116.5$87.1$117.6$135.5$141.4$174.0$176.2$156.0$111.1$62.82112112181941891861751571731651651741601811891561571441379459Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1201820192020202120222023*Capital raised ($B)Fund countRolling 12-month real assets fundraising activity by quarterSource: PitchBook Geography: Global*As of March 31, 2023Anikka Villegas Analyst, Fund Strategies & Sustainable InvestmentAfter weathering the storms of the past few years better than the other strategies, real assets fundraising seemingly hit a wall in Q1 2023, with just six funds and $2.0 billion raised. While more vehicles closed during the quarter will likely be captured in our data as time goes on, it is evident that the asset class is experiencing a deviation from many of the trends of recent years, with the only major exception being a continued concentration of capital in infrastructure funds. In contrast to the prevalence of funds larger than $5 billion in this space in recent years, this quarter saw none above the $1 billion mark raised and several in the $250 million to $500 million bucket. Also, in a significant departure from normalcy, all the funds raised during the quarter came from emerging managers and none were domiciled in North America. Many of the elements driving real assets fundraising last year carried through to 2023, including the attractive US government spending environment and energy demand in Europe. As such, the pullback of LP commitments is likely due more to other macroeconomic factors and phenomena such as the denominator effect rather than the absence of investable opportunities.Three of the six funds that closed in Q1 2023 will invest in emerging markets, a much larger proportion than is typical among the top 10 real assets funds. The largest fund, Rakiza Fund, invests in regulated utilities, energy from waste, telecom, transport and logistics, and social infrastructure in Oman and Saudi Arabia.7 The Saudi Infrastructure Fund from Musharaka Capital also invests in Saudi Arabian infrastructure. Additionally, Convergence Partners Digital Infrastructure Fund, which is targeting fiber networks, data centers, Internet of Things, AI, and other digital infrastructure necessary to support the growth of the digital economy, invests across sub-Saharan Africa.8 While it may seem counterintuitive that these would be some of the only funds to close given the risk profile of the emerging markets, they also provide geographical diversification, high growth potential, and create positive social impact, which may be drawing in LPs.7: “About Rakiza,” Rakiza, n.d., accessed May 10, 2023. 8: “Convergence Partners Raises $296 Million to Drive Digital Inclusion Across Africa,” Convergence Partners, n.d., accessed May 10, 2023. 21Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTREAL ASSETS$80.2$114.4$137.4$87.5$104.4$132.2$119.1$116.5$141.4$111.1$2.016524021419720119515717415695620132014201520162017201820192020202120222023*Capital raised ($B)Fund countReal assets fundraising activitySource: PitchBook Geography: Global*As of March 31, 20230%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*TimberReal assets & natural resourcesOil & gasMetals & miningInfrastructure value addedInfrastructure opportunisticInfrastructure greenfieldInfrastructurecoreInfrastructureAgriculture0%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*$5B+$1B-$5B$500M-$1B$250M-$500M$100M-$250M $100M Share of real assets capital raised by typeShare of real assets capital raised by size bucketSource: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 202322Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTREAL ASSETS0%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*NorthAmericaEuropeAsiaOceaniaMiddleEastAfricaRest ofworld$0$20$40$60$80$100$120$140$16020132014201520162017201820192020202120222023*Experienced firmEmerging firm Share of real assets capital raised by regionReal assets capital raised ($B) by manager experienceSource: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 202323Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTPRIVATE DEBTPrivate debt$95.1$118.2$126.0$158.0$202.9$187.6$192.6$204.7$266.5$196.1$42.52232893393233463563584153751942820132014201520162017201820192020202120222023*Capital raised ($B)Fund countPrivate debt fundraising activitySource: PitchBook Geography: Global*As of March 31, 2023Tim Clarke Lead Analyst, Private EquityPrivate debt fundraising picked up where it left off in 2022, raking in a solid $42.5 billion in the first quarter. While this represented a slight sequential decline from last quarter, it was on par with Q1 2022. The first tends to be a seasonally weak quarter and we would not be surprised to see momentum build throughout the year, just as it did in 2022. While not tracked in this report, fundraising for retail-oriented vehicles such as non-traded business-development companies and interval funds slowed significantly. A total of $4.4 billion in retail capital was reportedly raised for private debt in Q1 2023, a decline from last years $10.0 billion quarterly average.9 This is consistent with recent comments made by Blue Owl, a major player in the retail market saying it expected a tilt to institutional fundraising for the balance of the year. The firm raised $11.0 billion, or 46.4% of their total, from the private wealth channel over the last year, second only to Blackstone.109: “Non-Traded REIT Fundraising Bounces Back in March,” The DI Wire, April 24, 2023. 10: “Blue Owl Capital Inc. First Quarter 2023 Earnings,” Blue Owl, May 4, 2023. Private debt capital raised ($B) by manager experienceSource: PitchBook Geography: Global*As of March 31, 2023$0$50$100$150$200$250$30020132014201520162017201820192020202120222023*Experienced firmEmerging firm24Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTPRIVATE DEBT0%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*$5B+$1B-$5B$500M-$1B$250M-$500M$100M-$250M $100M0%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*$5B+$1B-$5B$500M-$1B$250M-$500M$100M-$250M $100MShare of private debt fund count by size bucketShare of private debt capital raised by size bucketSource: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 2023As with other strategies, larger, more experienced managers crowded out smaller managers with the top 10 funds accounting for the overwhelming majority of fundraising; this was much more pronounced than in other years and quarters. Direct lending took a backseat to mezzanine funds in Q1 2023. These funds are making loans that are in high demand by private equity sponsors, raising the return potential for investing LPs. Mezzanine lenders are more amenable to paid-in-kind structures, which are very popular at present, as they allow borrowers to accept additions to loan principal instead of making cash interest payments, preserving cash in the process.Distressed strategies were also in demand. Crescent Capital and Atalaya both closed their eighth flagship special situation funds at $8.0 billion and $1.8 billion, respectively. Also notable was Investcorps acquisition of Marble Point Credit for $200.0 million, or 2.5% of its $7.8 billion in AUM. As the fundraising appeal of private credit funds continues to hold sway, large alternative asset managers are bidding for smaller platforms that fill gaps in their product offerings and provide nicheexpertise.25Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTPRIVATE DEBT0%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*NorthAmericaEuropeAsiaOceaniaMiddleEastAfricaRest ofworld0%10%20%30%40%50%60%70%80%90%100%20132014201520162017201820192020202120222023*NorthAmericaEuropeAsiaOceaniaMiddleEastAfricaRest ofworldShare of private debt fund count raised by region Share of private debt capital raised by region Source: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 2023$0$200$400$600$800$1,000$1,200$1,400$1,60020122013201420152016201720182019202020212022*Dry powderRemaining valuePrivate debt AUM ($B) Source: PitchBook Geography: Global*As of September 30, 202226Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTFUNDS OF FUNDSFunds of funds$30.6$45.1$44.7$41.9$102.6$67.9$65.8$74.5$52.5$27.6$2.715421920023126431127625119877520132014201520162017201820192020202120222023*Capital raised ($B)Fund countFoF fundraising activitySource: PitchBook Geography: Global*As of March 31, 2023Juliet Clemens Analyst, Fund StrategiesFoF quarterly fundraising activity was the lowest on record in Q1 2023 with five funds raising just $2.7 billion, reflecting a YoY decline of 73.8% from the $10.2 billion raised by 19 funds in Q1 2022. FoF fundraising has been on a downward trajectory since peaking in 2017 at $102.6 billion, though this year was an outlier in terms of capital raised.11 Fundraising returned to more moderate levels between 2018 and 2020, within a range of $65.8 billion to $74.5 billion, before dropping to $52.5 billion in 2021, as both fewer total vehicles and fewer megafunds were raised. These declines may have occurred because investors have become increasingly aware of the double layer of fees characteristic of FoF and worry how these fees will affect their net returns. Additionally, the emergence of digital alternative investment platforms geared toward accredited retail investors may be driving smaller investors and those new to private markets away from the traditional FoF, with platforms like iCapital, CAIS, Moonfare, and RealBlocks having serviced over $165 billion of assets in the last several years.12 In 2022, fundraising fell even more precipitously to $27.6 billion, a YoY decrease of 47.3%. Much of this decline is attributable to the decline in VC FoF fundraising. As recently as 2021, VC FoF made up 46.5% of FoF fundraising; as VC fell out of favor with tumbling valuations in 2022, the share of VC FoF fundraising fell to 10.9%.Of the five FoF raised in Q1 2023, the two largestIIP Private Funds V at around $1.9 billion and IIP Venture II at $288.2 millionwere both raised by Institutional Investment Partners Denmark and comprise roughly 81.4% of the Q1 total. Only one fund, Altrium Sustainability Fund I at $150.0 million, was raised by an emerging firm, while the rest of the capital was raised by established firms. With regards to geography, three funds were raised out of Europe and two out of Asia.11: The sizable jump in fundraising in 2017 can be attributed to the increase in capital raised out of Asia, from $9.6 billion in 2016 to $67.9 billion in 2017, marking the first time that FoF in Asia outraised North American FoF vehicles. 12: “The Platforms Leading the Alternative Investments Tech Evolution,” Forbes, Benjamin Laker, May 23, 2022.27Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTFUNDS OF FUNDSNorth AmericaEuropeAsiaOceaniaMiddle EastAfricaRest of world$0$20$40$60$80$100$12020132014201520162017201820192020202120222023*$0$20$40$60$80$100$12020132014201520162017201820192020202120222023*General FoFPrivate debtReal assetsReal estateVCPE$0$20$40$60$80$100$12020132014201520162017201820192020202120222023*$5B+$1B-$5B$500M-$1B$250M-$500M$100M-$250M$100MDry powderRemaining value$0$100$200$300$400$500$600$700$800$900$1,00020122013201420152016201720182019202020212022*FoF capital raised ($B) by region FoF capital raised ($B) by typeFoF capital raised ($B) by size bucketFoF AUM ($B)Source: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of September 30, 202228Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTFUNDS OF FUNDS$0$20$40$60$80$100$12020132014201520162017201820192020202120222023*Emerging firmExperienced firm20222021202020192018201720162015$0$50$100$150$200$25020122013201420152016201720182019202020212022* Cumulative overhangOverhang by vintage FoF capital raised ($B) by manager experience FoF dry powder ($B) by vintageSource: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of September 30, 202229Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTSECONDARIESSecondaries$29.3$29.7$29.1$37.1$41.8$34.7$24.2$100.7$53.8$46.2$30.7465440666461528797911220132014201520162017201820192020202120222023*Capital raised ($B)Fund countSecondaries fundraising activitySource: PitchBook Geography: Global*As of March 31, 2023Juliet Clemens Analyst, Fund StrategiesOnly a quarter into 2023, secondaries fundraising has already hit 66.5% of 2022s $46.2 billion total, with $30.7 billion raised by 12 funds. This is the second-highest quarterly figure on record, following the $43.4 billion raised by 54 funds in Q4 2020. This Q1 haul was almost exclusively driven by the massive closing of Blackstone Strategic Partners Secondaries IX on $22.2 billion, the largest secondary fund raised to date and a 2.0x step-up from its previous fund. Blackstone also closed on the second-largest fund raised in the quarter, Strategic Partners GP Solutions, which is its inaugural dedicated GP-led secondaries strategy that raised $2.7 billion. For more information on the differences between LP-led and GP-led secondaries, read our PitchBook Analyst Note: The Evolution of Private Market Secondaries. There are several funds currently in market that are targeting over $10 billionincluding Lexington Capital Partners X, Ardian Secondary Fund IX, and Dover Street XIsuggesting that secondaries fundraising could continue the Q1 trend. With traditional exit routes still slow to recover, LPs that need liquidity have been offloading fund stakes at considerable discounts. This has provided ample opportunity for secondaries firms to acquire diversified, high-quality assets for attractive prices, enticing investors to commit to these funds. Additionally, there is increasing investor interest in GP-led continuation vehicles (CVs), which in theory will give GPs additional time to hold onto trophy assets rather than having to sell them during difficult market conditions. While CVs may be found in most secondaries funds these days, the advent of dedicated GP-led secondaries funds gives LPs an opportunity to make a targeted allocation to these more concentrated vehicles. As more GPs create CVs, this could put downward pressure on the pricing of these assets going into the funds, which may generate outsized returns for the investments when exited. Given these dynamics, time will tell if 2023 secondaries fundraising numbers will nearor even surpass2020s fundraising peak of $100.7 billion.Nine of the 12 funds to close were out of North America, accounting for $29.9 billion, or 97.4%, of Q1 2023 fundraising totals. Two funds were raised out of Asia for a combined $319.3 million, and one European fund closed at $481.6 million. Three vehicles were raised within the $1 billion to $5 billion category and totaled $6.5 billion, or 21.2% of capital raised. With the inclusion of the Blackstone fund, this jumps to $28.7 billion, or 93.6%, with the remainder tied to eight funds under $1 billion.30Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTSECONDARIES$0$20$40$60$80$100$12020132014201520162017201820192020202120222023*$5B+$1B-$5B$500M-$1B$250M-$500M$100M-$250M$100M$0$20$40$60$80$100$12020132014201520162017201820192020202120222023*North AmericaEuropeAsiaOceaniaMiddle EastAfricaRest of world010203040506070809020132014201520162017201820192020202120222023*$5B+$1B-$5B$500M-$1B$250M-$500M$100M-$250M$100MDry powderRemaining value$0$50$100$150$200$250$300$350$400$450$50020122013201420152016201720182019202020212022*Secondaries capital raised ($B) by size bucketSecondaries capital raised ($B) by region Secondaries deal count by size bucket Secondaries AUM ($B)Source: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of September 30, 202231Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTSECONDARIES$0$20$40$60$80$100$12020132014201520162017201820192020202120222023*Emerging firmExperienced firm$0$20$40$60$80$100$120$140$160$180$20020122013201420152016201720182019202020212022*20222021202020192018201720162015Cumulative overhangOverhang by vintage Secondaries capital raised ($B) by manager experience Secondaries dry powder ($B) by vintageSource: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of September 30, 202232Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTTOP FUNDS BY SIZETop funds by sizeFundSize ($M)Close date (2023)Step-upHQ locationPermira VIII$17,800.2March 81.5xLondon, UKTSG9$6,000.0January 111.5xLarkspur, USWest Street Global Growth Partners$5,200.0February 7N/ANew York, USParthenon Investors VII$4,500.0March 272.3xSan Francisco, USArcline Capital Partners III$4,500.0March 211.6xNashville, USFundSize ($M)Close date (2023)Step-upHQ locationChegu Industry Development Fund$7,231.0March 23N/AWuhan, ChinaShanghai State Owned FoF I$2,893.9March 22N/AShanghai, ChinaB Capital Global Growth III$2,100.0January 192.6xManhattan Beach, USBain Capital Venture Fund 2022$1,400.0January 11.5xBoston, USFelicis Ventures IX$825.0March 21.4xMenlo Park, USFundSize ($M)Close date (2023)Step-upHQ locationBridge Multifamily Fund V$2,260.0January 301.4xSalt Lake City, USEuropean Property Investors Special Opportunities 6$2,129.2January 121.2xLondon, UKJRK Platform V$1,000.0January 101.3xLos Angeles, USAlidade Capital Fund V$250.6January 171.7xBloomfield Hills, USIGIS Data Center Fund II$153.5February 8N/ASeoul, South KoreaTop PE funds to close in Q1 2023 by sizeTop VC funds to close in Q1 2023 by sizeTop real estate funds to close in Q1 2023 by sizeSource: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook | Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 202333Sponsored byQ1 2023 GLOBAL PRIVATE MARKET FUNDRAISING REPORTTOP FUNDS BY SIZEFundSize ($M)Close date (2023)Step-upHQ locationRakiza Fund$1,000.0March 21N/AMuscat, OmanNykredit Infrastructure Fund 3$373.4February 16N/ACopenhagen, DenmarkFP RE Infrastructure Opportunities Fund$309.8January 17N/APaddington, UKConvergence Partners Digital Infrastructure Fund$296.0January 31N/AJohannesburg, South AfricaCardiff Capital Region Innovation Investment Capital Fund$60.2March 6N/AHengoed, WalesFundSize ($M)Close date (2023)Step-upHQ locationWest Street Mezzanine Partners VIII$15,200.0January 121.2xNew York, USCrescent Credit Solutions VIII$8,000.0February 231.7xLos Angeles, USAudax Direct Lending Solutions Fund II$3,000.0January 191.8xNew York, USWillow Tree Fund II$2,400.0February 24N/ANew York, USAtalaya Special Opportunities Fund VIII$1,800.0February 11.9xNew York, USFundSize ($M)Close date (2023)Step-upHQ locationIIP Private Funds V$1,890.0February 100.6xCopenhagen, DenmarkIIP Venture II$288.2January 300.9xCopenhagen, DenmarkSWEN PE Select Europa 6$273.0January 291.1xParis, FranceAltrium Sustainability Fund I$150.0February 8N/ASingaporeIFLP Fund No. 2$74.8March 30N/ATokyo, JapanFundSize ($M)Close date (2023)Step-upHQ locationBlackstone Strategic Partners Secondaries IX$22,200.0January 182.0xNew York, USStrategic Partners GP Solutions$2,700.0January 18N/ANew York, USAshbridge Transformational Secondaries Fund II$2,500.0February 23.7xNew York, USNorthleaf Secondary Partners III$1,300.0February 161.6xToronto, CanadaGCM Grosvenor Secondary Opportunities Fund III$972.0January 261.4xChicago, USSource: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 2023Source: PitchBook Geography: Global*As of March 31, 2023Top real assets funds to close in Q1 2023 by sizeTop private debt funds to close in Q1 2023 by sizeTop FoF to close in Q1 2023 by sizeTop secondaries funds to close in Q1 2023 by sizeAdditional researchCOPYRIGHT 2023 by PitchBook Data, Inc. 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