Fourth quarter 2024 didn’t do much to salvage a poor fundraising year, but it came close to matching the capital raised in 2023, despite having only three funds close, according to the latest results from Institutional Real Estate, Inc.

The $27.6 billion raised in the first quarter 2024 was a respectable amount when compared with previous quarters, but fundraising has been a struggle since then, with only $15.5 billion closed in second quarter 2024 and $14.5 raised by funds closing in the third quarter.

Thanks to Antin’s $10.6 billion fund, fourth quarter 2024 was able to edge ahead of the third quarter, coming in with $16.8 billion of capital raised. That brings 2024’s total capital raised by closed-end private equity funds to $74.0 billion. That’s a far cry from 2022’s $151.8 billion, but not that far off 2023’s $76.4 billion. The fact that the 27 funds that closed in 2024 raised nearly as much as the 35 funds that closed in 2023 speaks volumes on the rol