Fewer first-time funds
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Last year was a better year for first-time fundraisers, according to PitchBook’s latest US PE Breakdown. Rookie fundraising is slowing compared to last year, in part because LPs are prioritizing existing GP relationships, especially their bigger ones. Through June, 27 first-time funds have closed, worth a combined $5.2 billion. Last year’s totals (88 funds worth $16.3 billion) won’t be approached in 2022.