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FUNDRAISING REPORT
Q1 2025
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Tom Zimmermann
Senior research manager
tom.z@pei.group
Carmela Mendoza
Senior reporter
carmela.m@pei.group
Fundraising
Funds in market:
by region
Strategy
Private Equity International's interactive
and downloadable review of 2025's Q1
fundraising environment
Largest funds
Regions
Time on the road
Meeting targets
Funds in market
Year-on-year fundraising
0
200
400
600
800
1,000
0
800
1,600
2,400
3,200
4,000
2020 2021 2022 2023 2024 2025
Capital raised ($bn)
Number of funds
Q1
Q2-Q4
Total number of funds
Slow start
Private equity funds gathered $179.1
billion in the first three months of the
year, down $21.7 billion from the same
period in 2024.
The private equity industry was
optimistic at the end of 2024 that 2025
would see a pick-up in deal activity and
fundraising volume. Moving into Q2,
capital-raising conditions are expected
to be affected by a restructuring of the
global economy due to tariff policies
imposed by the US.
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FUNDRAISING REPORT
Q1 2025
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Fundraising
Funds in market:
by region
Strategy
Largest funds
Regions
Time on the road
Meeting targets
Funds in market
Largest fund closes in Q1 2025 (capital raised, $bn)
Ardian Secondary Fund IX (ASF IX)
ICG Strategic Equity Fund V
Insight Partners XIII
Providence Strategic Growth VI (PSG VI)
Blackstone Energy Transition Partners IV
CVC Capital Partners Strategic
Opportunities III*
Oakley Capital VI**
Investindustrial VIII***
GTCR Strategic Growth Fund II
IK X Fund****
30.00
11.00
10.00
6.00
5.60
4.79
4.67
4.15
3.60
3.56
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FUNDRAISING REPORT
Q1 2025
Biggest funds
Despite the slowdown, the quarter
witnessed the largest final close ever
held by the industry: Ardian hauled in
$30 billion for its ninth secondaries fund,
accounting for nearly a third of capital
collected by the 10 largest funds in the
quarter.
The second-largest fund to close in the
quarter was also a secondaries vehicle:
ICG Strategic Equity Fund V closed on
$11 billion, surpassing its $6 billion initial
target. Mega-funds from Insight Partners,
PSG and CVC Capital Partners also
boosted fundraising totals.
*CVC Capital Strategic Opportunities III raised
€
4.6bn
**Oakley Capital VI raised
€
4.5bn
***Investindustrial VIII raised
€
4bn
****IK X Fund raised
€
3.3bn
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Fundraising
Funds in market:
by region
Strategy
Largest funds
Regions
Time on the road
Meeting targets
Funds in market
Fundraising by strategy (%)
Capital raised ($bn)
Number of funds closed
38%38% 26%26% 22%22% 10%10%
31%31% 18%18% 43%43%
Buyout
Secondaries
Growth equity
Venture capital
Fund of funds
Co-investment
Distressed/turnaround
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FUNDRAISING REPORT
Q1 2025
Secondaries on the up
Buyout funds made up 38 percent of
aggregate fundraising value in the
quarter, as well as 31 percent of total
fund count.
Venture funds, meanwhile, accounted for
the biggest number of funds closed, at
43 percent, although they gathered just
10 percent of the quarter's total capital.
Secondaries saw the biggest year-on-
year increase by capital raised in the
quarter, making up 26 percent of overall
fundraising.
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Fundraising
Funds in market:
by region
Strategy
Largest funds
Regions
Time on the road
Meeting targets
Funds in market
Regional focus of capital raised ($bn)
80
70
60
50
40
30
20
10
0
Multi-regional North America Europe Asia-Paci
fi
c Rest of world
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FUNDRAISING REPORT
Q1 2025
Regional differences
Multi-regional-focused funds made up
44 percent of capital raised in the
quarter, followed by North America-
focused funds at 31 percent.
Europe- and Asia-Pacific-focused funds
represented 19 percent and 5 percent,
respectively.
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Fundraising
Funds in market:
by region
Strategy
Largest funds
Regions
Time on the road
Meeting targets
Funds in market
Average number of months on the road
20
18
16
14
12
10
8
6
4
2
0
2020 2021 2022 2023 2024 Q1 2025
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FUNDRAISING REPORT
Q1 2025
Time on the road
Over recent years, fundraising timelines
have been slowly extending as capital
continues to consolidate among top
performers.
Funds that closed in Q1 spent about 18
months on the road
–
a slight drop from
the 19 months recorded in FY 2024, but
well above the average 13 months
recorded between 2020-24.
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Fundraising
Funds in market:
by region
Strategy
Largest funds
Regions
Time on the road
Meeting targets
Funds in market
2020 2021 2022 2023 2024 Q1 2025
29%29%
40%40%
30%30%
22%22%
47%47%
32%32%
25%25%
44%44%
31%31%
31%31%
37%37%
32%32%
28%28%
39%39%
33%33%
23%23%
44%44%
34%34%
Below target
On target
Above target
Proportion of closed-end funds that met their target at final close*
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FUNDRAISING REPORT
Q1 2025
Hitting targets
Seventy-eight percent of funds closed at
or above target in the first three months
of 2025, up six percentage points from
2024 and an increase on both 2022 and
2023.
However, some 23 percent of funds were
undersubscribed and closed below
target. This is a slight improvement on
last year's 28 percent, though the figure
still points to a challenging fundraising
environment.
*Figures have been rounded
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Fundraising
Funds in market:
by region
Strategy
Largest funds
Regions
Time on the road
Meeting targets
Funds in market
Europe
$106.7bn
North America
$465.9bn
Asia-Pacific
$112.6bn
Rest of
the world
$23.5bn
Multi-regional
$394.3bn
Funds in market:
by region
5,995
Total number of funds in market
As of 1 April 2025
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FUNDRAISING REPORT
Q1 2025
$1.1trn
Sought for funds in market
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Fundraising
Funds in market:
by region
Strategy
Largest funds
Regions
Time on the road
Meeting targets
Funds in market
Advent International GPE XI Advent International 26.00 Multi-regional Buyout
Blackstone Capital Partners IX Blackstone 20.00 Multi-regional Buyout
Thoma Bravo Fund XVI Thoma Bravo 20.00 North America Buyout
KKR North America Fund XIV KKR 20.00 Multi-regional Buyout
KKR Core Platform II KKR 16.00 North America Buyout
Clearlake Capital Partners VIII Clearlake Capital Group 15.00 North America Buyout
Veritas Capital Fund IX Veritas Capital 13.50 North America Buyout
Blue Owl GP Stakes VI (incl co-investment) Blue Owl Capital 13.00 Multi-regional Growth
Baring Asia Private Equity Fund IX EQT 12.50 Asia-Paci
fi
c Buyout
Hg Saturn 4 Hg 12.00 Multi-regional Buyout
Fund Manager Target ($bn) Region Strategy
Largest funds in market as of 1 April 2025
Funds in market by target region
Funds in market
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FUNDRAISING REPORT
Q1 2025
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Funds in market:
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Strategy
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Regions
Time on the road
Meeting targets
Funds in market
LP profiles
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And granular detail on current and historical funds:
Funds closed
GP profiles
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Funds in market
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FUNDRAISING REPORT
Q1 2025
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Fundraising
Funds in market:
by region
Strategy
Largest funds
Regions
Time on the road
Meeting targets
Funds in market
