2025 Alts Investments Exceed $72 Billion Through May, Led by Non-Traded BDCs

Alternative Investment fundraising among semi-liquid and illiquid retail investment offerings totaled approximately $72.7 billion through May 2025, led by non-traded business development companies at an estimated $19.9 billion; other private placements, including infrastructure and private equity offerings, at $16 billion; and interval funds at $15.2 billion. This is according to the latest data from investment banking firm Robert A. Stanger & Co. Inc.

For the third straight month, non-traded real estate investment trusts saw an increase in fundraising due in part to $184 million of May fundraising coming from a Delaware statutory trust UPREIT transaction by JLL Income Property Trust Inc.

Despite the recent increase in capital formation, non-traded REIT fundraising overall is down 8% compared to this same time last year, according to Stanger. Non-traded BDC fundraising, however, is up 33.1% compared to this time last year as retail investors continue to be drawn to higher yielding credit focused investments.

“We expect BDC fundraising to exceed $60 billion in 2025 for publicly registered and private placement products,” said Kevin T. Gannon, chairman of Robert A. Stanger & Company Inc.

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, DSTs, opportunity zones, and other private placement offerings.

“The top fundraisers in the alternative investment space year-to-date are Blackstone ($12.5 billion), Cliffwater ($7.2 billion), KKR ($6.2 billion), Blue Owl Capital ($5.5 billion), and Ares Management Corporation ($5.5 billion),” said Randy Sweetman, executive managing director of Robert A. Stanger & Company Inc.

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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