- June 1, 2019: Vol. 31, Number 6

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Mega-funds push first-quarter fundraising to new heights

by Larry Gray

First-quarter fundraising volume did not only break records — it obliterated them. After a fourth-quarter slowdown that recorded 27 fund closings and total volume of only $14.9 billion, first quarter 2019 exploded with a record volume of $60.7 billion, based on 25 fund closings.

The $60.7 billion total set a new record for capital raised in a first quarter, shattering the previous mark of $30.4 billion set in 2018. It also is the highest quarterly total ever, eclipsing the $57.2 billion raised in second quarter 2008. For additional perspective, the $60.7 billion first-quarter volume represents 54 percent of 2018’s 12-month fundraising total. And, not surprisingly, the quarter’s average fund size of more than $2.5 billion also represents a new high.

Three super mega-funds fueled the record-setting activity. Blackstone established a new high-water mark for the largest private equity real estate fund ever, raising $17.3 billion for Blackstone Real Estate Partners IX

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