During the fourth quarter 2020, 16 fund closings were recorded, representing an aggregate dollar volume of $15.3 billion. This is the lowest amount of fund closings since second quarter 2011’s 15 fund closings and the lowest fundraising dollar volume since first quarter 2013’s fundraise of $8.1 billion. The final quarter’s activity pushed the 12-month total to $102.8 billion with 98 funds closing, the lowest 12-month total fundraising volume since 2016’s total of $98.4 billion and the lowest number of funds closed in a 12-month period since 2011’s 12-month total of 81 funds.

Looking back over the past year, it isn’t surprising. Even before the COVID-19 pandemic, first quarter numbers were on the low side with only 26 funds closed and a fundraising total of $19.84 billion. The first quarter 2020 total was dwarfed by the record-setting amount of $64.6 billion that was raised during first quarter 2019; however, despite being on the lower side of fundraising, first qu