$163 billion in private capital raised in first half of 2019
During the first half of 2019, $163.2 billion was raised by institutional private capital funds, according to data from Pensions & Investments' Research Center. Private equity led the major subcategories with more than $98 billion raised, followed by real assets, with $16.2 billion raised. Advent International's Advent Global Private Equity IX buyout fund was the largest fund to close in the first six months of the year at $17.5 billion, followed by buyout funds from Thoma Bravo and Cinven at $12.6 and $11.1 billion, respectively.
Private credit funds saw a surge in interest through June 30, raising $22.5 billion, compared with the $15.7 billion raised in the second half of 2018. BlueBay Asset Management's Direct Lending Fund III was the largest among the group, naming several state and municipal retirement plans among its largest investors.
The first half's net haul for institutional private capital funds was second only to the first half of 2017 when $164.7 billion was raised. That period saw a higher concentration of assets moving into private equity with the subset assuming 70% of the total inflows. The current period still saw the bulk – 60% – of assets flowing into private equity; however, interest in real assets grew relative to the group, driven chiefly by EQT Partners' $10.1 billion EQT Infrastructure IV fund.