Bigger funds across private capital
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Private capital as a whole is enjoying an enthusiastic fundraising trail. PitchBook’s latest Private Fund Strategies Report, available here, covers a range of asset classes, including PE, VC, real estate, real assets, FoF and secondaries. The data shows a pronounced uptick in fund step-ups—or the difference between back-to-back funds for specific managers. 83% of private capital funds that have closed so far are bigger than their predecessors, the highest percentage we’ve seen in many years. And they’re quite a bit bigger, too—the median step-up size is 60%. Between 2015 and 2020, the median step-up was somewhere in the 30% range each year.