In the first four months of 2018, global/multi-regional funds have bounced back from their low point in 2017. In years past, global and multi-regional funds raised record-setting amounts of capital. These funds were large — the largest funds each year were always global — and typically focused on an opportunistic strategy.

Although global funds account for a large percentage of the capital raised each year, exactly how large that percentage is varies widely.

In 2014, global funds accounted for 24 percent of the capital raised. Global/multi-regional funds holding a final close in 2015 accounted for an astounding 40 percent of the capital raised that year. In 2016, however, global funds’ capital raising (as well as total fundraising) declined. Funds with a multi-regional strategy raised 34 percent in 2016. 2017 saw this downward trend continue, with global funds only accounting for 18 percent of the total capital raised.

Instead of global funds, investors in