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Private capital funds grow in number, less in size

The number of private capital funds grew by 48% from the start of 2018 to the beginning of 2019. While the absolute number of funds has grown, the targeted size of those funds didn't keep pace, resulting in a shrinking average fund size. Current data show the implied average size of a private capital fund was about $317 million to start the year, down from $363 million in 2018 and $448 million in 2010.

Across the five major private capital classes in 2018, only infrastructure and natural resources funds grew in terms of aggregate capital raised, while private equity, private debt and real estate funds saw fundraising decline. Private equity funds raised $426 billion during the year, a 25% decline from 2017's efforts; private debt managers accumulated $110 billion in new money during the year, down 15% from the year before.