2025 Alts Fundraising Surpasses $130 Billion Through August
Alternative Investment fundraising totaled approximately $130.9 billion through August 2025, led by public non-traded business development companies at $30.9 billion; other private placements, including infrastructure and private equity offerings, at $27.2 billion; interval funds at $25.4 billion, public offering closed-end tender offer funds at $16.4 billion and private offering BDCs at $11 billion.
Public non-traded BDC fundraising is up 31.1% compared to this time last year while public non-traded real estate investment trust capital formation is down 7.3%, having captured just $3.9 billion of fundraising.
The total was up nearly 28% from July’s approximately $102.3 billion in alternative investment fundraising year-to-date. This is all according to the latest analysis by Robert. A. Stanger & Company Inc.
“With our expanded coverage of closed-end funds, including both public and private tender offer funds, our analysis of the alternative investment fundraising landscape forecasts $200 billion of retail investor fundraising in alternatives for 2025. An all-time high since Stanger began tracking alternative investment products,” said Kevin T. Gannon, chairman of Robert A. Stanger & Company.
Stanger’s survey of top sponsors tracks fundraising of all alternative investments offered via the retail pipeline including publicly registered non-traded REITs, non-traded BDCS, interval funds, non-traded preferred stock of traded REITs, Delaware statutory trusts, opportunity zone, and other private placement offerings.
“The top fundraisers in the alternative investment space year-to-date are Blackstone ($18.8 billion), Cliffwater ($11.4 billion), KKR ($10.7 billion), Ares Management Corporation ($10.1 billion) and Blue Owl Capital ($9.6 billion),” said Randy Sweetman, executive managing director of Robert A. Stanger & Company.
Robert A. Stanger & Co., Inc., founded in 1978, is an investment banking firm specializing in providing investment banking, financial advisory, fairness opinion and asset and securities valuation services to partnerships, real estate investment trusts, and real estate advisory and management companies in support of strategic planning and execution, capital formation and financings, mergers, acquisitions, reorganizations, and consolidations.
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