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Chart of the Week
Jul 25, 2025
2 MIN READ

Flight to megafunds may come at a cost

42% of global private capital fundraising went to funds targeting $5 billion or more, representing a significant mismatch between inflows and performance.
Christopher Bole
Vice President, Financial Writer
VIEW BIO

Market share of annual global private capital fundraising

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Line chart showing the market share of global private capital fundraising since 2008. The chart shows a steady increase in the share of managers with at least four prior fund launches (experienced) while megafunds—those targeting $5 billion or more—rose from 11% in 2012 to 42% in the first half of 2025. As the mismatch between capital inflows and performance at the top end of the market grows, it is more critical than ever that investors home in on the segments, strategies and managers that can drive alpha in today’s environment.
Source: Pitchbook, as of June 30, 2025. Includes private equity, private credit, and real estate fundraising. Experienced managers are those raising their fifth fund or later in that asset class.

Today’s chart of the week highlights a key trend in global private capital fundraising. Explore this insight and more in our midyear private markets outlook, “Follow the value, not the herd.”

  • Investors have concentrated commitments in the largest managers and strategies across private equity, private credit and real estate this year as limited merger and acquisition activity has weighed on liquidity and fundraising across private markets.
  • In the first half of 2025, 42% of global private capital fundraising went to funds targeting $5 billion or more—despite these megafunds representing less than 4% of all strategies.1 Additionally, nearly all new capital flowed to experienced managers.1
  • This perceived “flight to safety” may be misplaced. Over the past 15 years, funds managed by the 20 top-fundraising buyout GPs have struggled to outperform, with less than 20% of funds ranked in the first quartile in their respective vintage.
  • As the mismatch between capital inflows and performance at the top end of the market grows, it is more critical than ever that investors home in on the segments, strategies and managers that can drive alpha in today’s environment.
contributing authors
Christopher Bole
Vice President, Financial Writer
view bio
Disclosures & Footnotes

1. Pitchbook, as of June 30, 2025. Includes private equity, private credit, and real estate fundraising. Experienced managers are those raising their fifth fund or later in that asset class.

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