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How liquidity constraints, extended holding periods, and elevated dry powder are shaping capital deployment, exit dynamics, and performance dispersion across private equity.
The State of Private Equity, Part 1: Concentration Driving a Narrow Recovery
Private Equity
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The State of Private Equity, Part 1

Fundraising: Flat at $1.3tn, with Growth in Infrastructure and Secondaries

Fundraising leveled off at approximately $1.3 trillion for private capital overall, remaining flat year-over-year. Growth in infrastructure, up 58%, and secondaries, up 11%, offset a decline in buyout fundraising, down 16% to $395 billion. On a regional basis, North America fundraising rose 8% to $432 billion, while Europe declined 41% to $118 billion.

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Similar to hedge funds, private equity commitments remain highly concentrated, with approximately 46% of total capital raised going to the top 10 managers. Fundraising overall remains below 2022-2023 peaks and continues to be challenging for first-time funds and mid-sized managers without strong track records, which we believe is likely contributing to further industry consolidation. LPs, however, remain committed, with most intending to maintain or increase allocations to private equity.

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Exit Activity: Total Exits Increased, but Distribution Still Limited
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Returns: Divergence of Performance
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This content is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any securities. Thirdpath, LLC is not acting as a fiduciary or financial advisor in providing this content. View our full disclosures.