Click the top right of the presentation to view full screen
Fundraising for unlisted, closed-end structures is faring slightly better for the first nine months of 2024 compared with the same period last year, with $66.5 billion raised versus $52 billion for Q1-Q3 2023.
That improvement, however, still makes Q1-Q3 2024 the worst nine-month period of the past five years, with the exception of Q1-Q3 2023. What’s more, there is no guarantee that 2024 will end up being a better year than 2023, especially when you consider that Q4 2023 was, in large part, saved by the final close of Brookfield Asset Management‘s $28 billion fifth flagship, the largest infrastructure fund ever raised. All it will take to derail 2024 fundraising is a lack of large fund closes.
Elsewhere, the fundraising picture is little changed from our H1 2024 fundraising report. Time on the road continues to be significantly elevated, with funds closed during the first nine months of 2024 taking an average of 29 months, compared with an average of 17 months during the preceding five years. And the proportion of undersubscribed closes, at 46 percent, continues to be the highest of the past five years.
Looking ahead, $463 billion is being sought by 514 funds in market. As usual, the top 10 funds in market, targeting $151 billion, account for a hefty share of that amount.
Check out our interactive fundraising report above for the full breakdown of fundraising activity in Q1-Q3 2024. You can also download the report as a PDF here and download the data here.