Fundraising for alternative investments reached $203.7 billion in 2025, according to data from Robert A. Stanger and Co. This marks a 35.5 percent increase from 2024 and a 121.9 percent increase from 2023, pushing fundraising totals to more than $1 trillion throughout the past 25 years.
Non-traded business development companies (BDCs) led fundraising with $63 billion, followed by interval funds with $39.8 billion and tender offer funds at $33.1 billion. Fundraising slowed at the end of the year, as loan defaults, valuation transparency and interest rates caused uncertainty.
Non-traded real estate investment trusts (REITs) were consistent with the year before, as 2025 saw a raise of $5.7 billion and 2024 reached $6.1 billion. Private non-traded REITs reached $9.5 billion in 2025, marking a surge of 80.9 percent.
Delaware statutory trust (DST) fundraising reached $8.2 billion, and alongside public and private non-traded REITs, marked a combined growth of $3.7 bill
