Fundraising among alternatives with semi-liquid and illiquid retail investment offerings reached $72.7 billion in May 2025, according to data from Robert A. Stanger & Co. The fundraising was led by nontraded business development companies (BDCs) at $19.9 billion, followed by private placements such as infrastructure and private equity offerings at $16 billion, and then by interval funds at $15.2 billion.
Nontraded REITs experienced an increase in fundraising for the third consecutive month. However, nontraded REIT fundraising is down by 8 percent, year-over-year. Nontraded BDC fundraising has increased by 33.1 percent, year-over-year. BDC fundraising is expected to exceed $60 billion in 2025, according to Kevin T. Gannon, chairman of Robert A. Stanger & Co.
The leading fundraisers in the alternative investment space include Blackstone with $12.5 billion, Cliffwater with $7.2 billion, KKR with $6.2 billion, Blue Owl Capital with $5.5 billion and Ares Management
