Fundraising for emerging private equity managers continued to wane in 2025, buffeted by investors’ ongoing cash constraints and the general migration of capital toward the largest managers. Still, some new managers, armed with strong investment backgrounds, closed funds with very specific strategies.
First-time PE funds in North America collected $7.2 billion of commitments in the year through Dec. 12, 36% below the $11.3 billion raised last year, according to PitchBook data.
Europe presented a more positive picture. First-time funds across the pond raised €4.2 billion ($5 billion) over the same period, 23% up on 2024 and roughly on track with levels seen in 2022 and 2023.
The five largest, first-time commingled PE funds to close in 2025 provide proof that a distinct strategy and strong management pedigree can still lead to successful fundraising.
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