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Global Private Market Fundraising Report

Q3 2022

Global Private Market Fundraising Report

November 29, 2022

Dwindling private capital hits up-and-coming firms hardest

Raising private capital became more difficult in Q3. Aggregated fundraising across the private investing universe was down 7.7% to $1.35 trillion in the 12 months leading up to September 30, as only funds focused on venture capital and real assets managed to surpass year-ago levels. And fund managers are saying that raising capital got even trickier in Q4. 

But as some GPs—particularly emerging firms—are getting nervous, institutional investors have gained leverage in discussions around fund terms, DEI mandates, and ESG data. 

Our Q3 2022 Global Private Markets Fundraising Report (formerly known as the Global Private Fund Strategies Report) explains how each private strategy survived—or thrived—while fundraising this autumn. The report also delves into the challenges of tracking dry powder. 

Key takeaways

  • While PE fundraising in Q3 kept up with recent quarters, November rule changes from the Securities and Exchange Commission could add to the burdens of small GPs as they work to comply with new marketing rules.
  • Investors are seeking safety in North America-based funds as they consider the strong dollar and geographic distance from the Russian war in Ukraine.
  • High inflation has spooked even real estate investors, who committed $113.6 billion to funds in the year leading up to Q3, down 19% from the prior year.

Table of contents
Overview 3
Spotlight: Why private market dry powder figures are understated 6
Private equity 8
Venture capital 11
Real estate 14
Real assets 17
Private debt 20
Funds of funds 23
Secondaries 25
Top funds by size 27