Despite some claims that first quarter 2020 fundraising activity was impaired by the COVID-19 pandemic, any effects appear to be minimal as first quarter volume of $18.8 billion was on par with recent quarters. In fact, the recent three-month volume exceeded the fourth quarter 2019 total of $15.5 billion, and it was similar to the $19.9 billion and $21.2 billion raised in the third quarter and second quarter of 2019, respectively.

A total of 42 new investment funds were launched during first quarter 2020, down after a year-end high of 53 funds launched during fourth quarter 2020. Although first quarter 2020 looks a lot like first quarter 2019 with the same amount of funds launched, there is a significant difference in the fundraising goals.