The number of private debt fund closings fell to 158 last year, less than half of 2023’s 347. However, the dollar amount raised declined only 20% to $197.1 billion. The average amount raised per fund was more than $1.2 billion, the highest going back to at least 2006.
Larger private debt funds make up bigger portion of closings
Larger funds accounted for a bigger percentage of the total number of funds closed in 2024. Those that raised $500 million to $1 billion, $1 billion to $5 billion, and more than $5 billion saw their share increase in 2024 to 18.5%, 24.7% and 5.5%, respectively, from 10.8%, 18.8%, and 3.8%.
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