Stanger Projects $180 Billion in 2025 Alts Fundraising as Q1 Total Reaches $45.5B
Annual fundraising for illiquid and semi-liquid alternative investment offerings totaled approximately $45.5 billion through March, according to the latest data from investment banking firm Robert A. Stanger & Co. Inc.
Non-traded business development companies led with an estimated $12 billion in capital raised. Private placements, including infrastructure and private equity offerings, followed with $10.6 billion, while interval funds collected $9.5 billion.
Non-traded BDC fundraising is up 47.3% year-over-year, while non-traded real estate investment trust fundraising has declined by 13.9%. Stanger attributed this shift to growing investor interest in private placements, infrastructure, private equity, and higher yielding credit-focused strategies amid ongoing stock market volatility.
“Stanger is increasing our fundraising projection for the year up to $180 billion as investors continue to allocate more capital to alternative investments during this time of extreme volatility in the global stock markets,” said Kevin T. Gannon, chairman of Stanger.
Stanger’s survey 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 funds, and other private placement offerings.
The firm has also recently expanded its coverage of private placement BDC sponsors as fundraising has grown to $20.1 billion in 2024 and $3.9 billion in 2025 through March.
According to Randy Sweetman, Stanger’s executive managing director: “The top fundraisers in the alternative investment space year-to-date are Blackstone ($8 billion), Cliffwater ($4.7 billion), KKR ($4.1 billion), Blue Owl Capital ($3.4 billion), and Ares Management Corporation ($3.4 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.
