Life after the fundraising slump

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All private markets, including private credit, experienced a tough 12 months on the fundraising trail in 2023. Hopes are higher for the year ahead.

The fundraising figures are in for full-year 2023 and they reveal a drop in global private credit capital accumulation to just $219 billion, the lowest amount seen in a PDI Fundraising Report since 2016 when $180 billion was raised. The number of fund vehicles raised fell to 303, the lowest figure seen since 2012.

This mirrors a similarly difficult fundraising year in other private markets asset classes as LPs looked to rebalance their portfolios after a year of high inflation and sharp interest rate rises.