Alts Fundraising Nears $200 Billion in 2025; Credit Strategies Dominate

Alternative investment fundraising reached $185.4 billion through November, placing the industry on pace to exceed $200 billion in annual inflows, according to the latest data provided by investment banker Robert A. Stanger & Company Inc.

Public non-traded business development companies led fundraising with $40.7 billion year-to-date, followed closely by private placements – including infrastructure and private equity offerings – at $39.5 billion. Interval funds captured $36.4 billion, while closed-end tender offer funds and private offering BDCs raised $25.0 billion and $17.2 billion, respectively.

Public non-traded REITs, however, continued to see slower demand, with capital formation declining 3.9% year-over-year to $5.3 billion. According to Stanger Chairman Kevin T. Gannon, “Fundraising in credit-oriented products remained red hot all year as investors have shifted their investments away from non-traded REITs in 2025.”

Gannon noted that private offerings now account for over 41% – or $77 billion – of total alternative investment fundraising by retail investors so far this year.

“As predicted, fundraising is on pace to top $200 billion for the year,” Gannon said.

Stanger’s data includes all alternative investments offered through the retail pipeline, such as non-traded REITs, BDCs (public and private), interval and tender offer funds, non-traded preferred stocks, Delaware statutory trusts, opportunity zone funds, and other private placements.

The year’s top fundraisers include:

• Blackstone ($26.2 billion)
• KKR ($15.3 billion)
• Cliffwater ($15.1 billion)
• Ares Management Corporation ($14.5 billion)
• Blue Owl Capital ($13.4 billion)

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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