Private market funds raised $295 billion across all asset classes in the first quarter of the year, according to a report from data provider Pitchbook.
The first quarter’s fundraising was on par with the $298.4 billion raised in the first quarter of 2023 though the number of fundraisings fell by 45.9% YoY as fundraising became more concentrated.
Funds over the $1 billion mark currently account for 81.2% of Q1 2024 fundraising figures.
Private equity funds made up the largest share of capital raised in Q1, at 52.9%.
“Despite a difficult exit environment and slow distributions, PE deal activity — and particularly add-on acquisitions —remained resilient, necessitating fund managers to maintain strong fundraising momentum to capitalize on these deals,” Pitchbook said in a statement.
“While private debt and real estate are currently tracking below their historical proportions of total fundraising, this can be partially attributed to the fact that several large funds closed in 2023 in both asset classes. Thus, Q1 2024 represents a natural lull in the fundraising cycle.”
Across regions, the proportion of capital out of Europe is currently trending above historical levels, representing 33.6% of overall capital through Q1 2024, while North America’s share has fallen to 53.2%.
Greenhushing impacting private markets’ ESG activity
