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PitchBook Analyst Note: How Tough Is the Fundraising Environment Actually?

Q2 2023

PitchBook Analyst Note: How Tough Is the Fundraising Environment Actually?

June 29, 2023

It's chilly out there, but private market fundraising hasn't frozen over

There's been a melancholy mood around private market fundraising lately. In the first half of 2022, mega-funds attracted mountains of capital, depleting LP commitment budgets before a fall in the public markets triggered the denominator effect for some institutional investors. Ever since, GPs raising private market funds have lamented an apparent slowdown in commitments.

Our latest analyst note puts aside anecdotes to answer that recurring question through data-driven quantitative lenses. We found that even though GPs are raising billions of dollars across thousands of funds, they're having a harder time than usual.

Table of contents
Key takeaways 1
Introduction 2
First-time funds 3
Fundraising today versus historical fundraising 4
Time for established managers to raise a fund 6
Funds in purgatory 9
Conclusion 11