U.S. private equity fundraising expected to drop significantly — PitchBook

U.S. private equity funds raised $282.6 billion during the first 11 months of 2024, based on data provided by PitchBook. That compares with annual figures approaching $400 billion from 2021 through 2023.

PitchBook expects fundraising to drop meaningfully in 2025 based on longer closing times (10.9 months at the end of 2022 vs. 16.7 months as of November 2024) and less dry powder.

Excluding KKR North America Fund XIV, the nine remaining largest open private equity funds have a cumulative target of $109.6 billion. They have raised $47 billion, or 42.9% of the target.

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