Alternative Investment Fundraising Tops $148B Year-to-Date
Alternative Investment fundraising totaled approximately $148.4 billion through September, according to investment banking firm Robert A. Stanger & Co. Public non-traded business development companies led with $34.5 billion, followed by private placements including infrastructure and private equity offerings at $30.5 billion, interval funds at $29.6 billion, closed-end tender offer funds at $19.3 billion, and private BDCs at $13.3 billion.
Public non-traded BDC fundraising is up 30.7% from the same period last year, while public non-traded real estate investment trust capital formation fell 4.2% to $4.3 billion.
The total represented a 13.4% increase from August’s $130.9 billion year-to-date total.
“Fundraising in business development companies, closed-end funds and private placements continue to dominate in the space as investors have shifted their investments away from non-traded REITs in 2025,” said Kevin T. Gannon, chairman of Stanger.
“Private offerings this year now account for over 40% ($60 billion) of the $148 billion in alternative investment fundraising by retail investors. Accordingly, Stanger is reaffirming its 2025 projection of $200 billion of capital formation in alternative investments,” added Gannon.
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 business development companies, 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 investments space year-to-date, according to Stanger, are Blackstone ($21.1 billion), Cliffwater ($12.8 billion), KKR ($12.2 billion), Ares Management Corporation ($11.8 billion) and Blue Owl Capital ($10.8 billion).
A guest contributor to AltsWire recently dug deeper into Cliffwater, particularly the solid performance of its Cliffwater Corporate Lending Fund, which as shown by the chart above comprises 9% of the market share.
Recognizing the gap for an accessible, diversified, and cost-effective private credit vehicle, the Cliffwater interval fund has risen from its registered investment adviser-centric beginnings to commanding nearly $30 billion in assets. It reported a gross fundraise of $10.9 billion in the 12 months ending September 2025, demonstrating the immense demand among private-wealth investors for regulated products offering exposure to private credit.
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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