Q3 fundraising: Fewer closes, slower pace

The latest data show a declining number of fund closes and protracted fundraising timetables.

Even though the year so far has been the most prolific for private debt fundraising since records began, the number of funds achieving closes has been smaller than in previous years – what we’re seeing is a smaller number of funds capable of achieving much bigger fundraises.

Also of note is that these funds are taking longer to close. This seems counter-intuitive given the popularity of private debt, but may be explained by a growing number of first-time funds, which take longer to generate momentum; as well as established firms seeking to diversify their investor bases – also a time-consuming process.

Below are some of the key data points from the fundraising front: