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When one door closes, a window opens
Private market fundraising saw another year of decline in 2024. While institutional investors contend with constraints on distributions and approach their allocation ceilings in some of their private market strategy buckets, managers have leaned into evergreen funds and diversified their income streams, particularly within infrastructure, debt, and real estate.
Despite suboptimal market conditions for fundraising, PitchBook analysts cite 2025 as a potential turnaround year—provided existing funds can offload the current backlog of held companies—as private equity has recently demonstrated an uptick in exits.
Table of contents
| Overview | 3 |
| Spotlight: What made for a successful first-time fund manager in 2024? | 5 |
| Private equity | 8 |
| Venture capital | 10 |
| Real estate | 12 |
| Real assets | 15 |
| Private debt | 18 |
| Funds of funds | 20 |
| Secondaries | 22 |
| Top funds by size | 24 |