The global private equity fundraising market had a lean third quarter, with the lowest number of fund closings Preqin has ever recorded, the data and intelligence firm said in a report released Thursday.
A total of 170 funds closed globally in the third quarter, down from 317 in the second quarter and 290 funds during the third quarter of 2014.
The aggregate capital raised by funds closed also fell in the third quarter, to $116.9 billion from $129.3 billion the previous quarter. It is the third consecutive quarter that saw a decline. The most recent peak, in the fourth quarter of 2014, was $164.9 billion.
However, one region saw a spike in activity.
“Despite recent turmoil in Asia, there has been an increase in fundraising for funds focused on the region, and on ‘rest of world,’” said Christopher Elvin, head of private equity products at Preqin, in a news release. “This, though, does not offset a lack of growth in the mature North American and European markets, as both the number of funds closed and aggregate capital figures continue to fall there.”
In Asia and “rest of world,” 45 private equity funds raised a combined $22.5 billion, an increase from the second quarter when 51 funds raised $10.7 billion.
