The latest Pitchbook Global Private Market Fundraising Report offers a comprehensive look at the evolving dynamics of private capital markets and identifies trends in the first half of 2025. We have highlighted a few key insights from the report below to shed light on various subgroups of private capital and inform sponsors in dealmaking, fundraising and portfolio strategy.
Share of Private Capital Fundraising by Region
North America remains the leader in private capital fundraising but saw its share slightly decline from 63.8% in 2022 to 57.6% in 2025. Europe has compensated for this this drop—its share rose from 19.4% to 35.0%, while Asia lags behind, accounting for only 6.3% of global fundraising so far this year (significantly down from its 25.2% share in 2018). Some investors are prioritizing regional diversification, betting on Europe to handle tariffs better or adapt more resiliently than Asia, given its lower reliance on US trade.
Private Debt Fundraising
Private debt fundraising (for direct lending, private corporate credit, distressed debt, mezzanine, etc.) is trending toward another historically strong finish this year. While it may slightly trail or align with the fundraising levels seen over the past three years—three of the four strongest years ever for global private debt capital raised—private debt fundraising remains robust. According to the report, by the end of June 2025 the asset class had closed 82 funds, collectively raising US$114.2 billion. However, the number of funds presents a contrasting narrative when compared to the pace of capital raised.
Like other trends in the private markets, limited partners' consolidations have resulted in lower numbers of managers raising funds, with capital increasingly concentrated in fewer funds. Consistent with 2024, 94.3% of the capital raised in the first half of 2025 was allocated to experienced managers—those who have raised four or more funds. On the fund count side, by the end of Q2, these seasoned managers represented over three-quarters of the total number of funds raised.
By fund type, direct lending, which accounted for an impressive 61.1% of all debt capital raised in 2024, has returned to more typical levels, representing 38.3% of total debt capital raised so far.
Secondaries Fundraising
Secondaries fundraising is on track to surpass the record set in 2024. In the first half of 2025 alone, secondaries funds have raised US$70.9 billion, compared to US$107.6 billion for the entirety of 2024. However, fundraising this year has been more concentrated in a smaller number of secondaries funds: year-to-date in 2025, 29 funds were raised compared to 122 funds in 2024. Between 2008 and 2024, just 15% of secondaries funds by count surpassed US$1 billion in a given year. In contrast, 2025 has already seen 11 funds, 42% of the total, exceed US$1 billion, driven by several high-profile individual funds.
As Pitchbook highlights in its report, the growing scale of these funds reflects the shift in secondaries from a niche solution used in selective situations to a core strategy in private capital portfolio management.
Private Equity Fundraising
In the first half of 2025, both the value and number of private equity funds closed have fallen sharply, with US$212.5 billion raised across 252 funds. At this pace, 2025 could see the lowest fundraising value since 2018 and the fewest fund closes in a decade, marking the lowest share of private capital fundraising in 18 months for private equity.
Limited partners in private equity are concentrating their commitments on larger funds and established managers, making 2025 challenging for emerging managers. In H1 2025, 77.4% of capital was allocated to funds exceeding US$1 billion, the second-highest proportion in the last 10 years. Similarly, experienced managers have maintained their dominance, capturing 87.6% of the capital raised so far this year. Middle-market funds hold the potential for a stronger performance in the second half of 2025, with their historical returns indicating lower volatility compared to megafunds.
Regional fundraising trends further highlight the ongoing consolidation. North America has strengthened its dominance, capturing 68.4% of private equity capital closed in H1 2025, well above its decade-long average of 60.5%. Europe accounts for 25.9%, slightly exceeding its decade average of 23.6% share, while Asia has experienced a significant slowdown.
As private capital markets continue to adapt to shifting investor preferences and regional trends, monitoring the pace of change will provide valuable insight as the year-end approaches.
The full PitchBook Global Private Market Fundraising Report is available here.
To discuss any of the latest trends in private market fundraising or any aspect of private equity, please contact Christopher Travascio, John Ra or any other member of the Bennett Jones Private Equity group.
