PitchBook – Private Market Fundraising Report, Annual 2023

In 2023, private capital fundraising was challenging according to industry insiders, with a 20.5% decrease in total funds closed compared to the previous year. Private equity (PE) saw a modest 1.1% decrease, while secondaries raised 65.1% more capital. The biggest declines were seen in venture capital (VC), real assets, and real estate fundraising. The total fundraising amount for 2022 increased by 27% since last reported, indicating growth over time. Larger funds tend to be identified quicker in public sources, while smaller funds take longer to surface. The number of funds raised in 2022 more than doubled, highlighting the time it takes to identify smaller closed funds. The data for 2023 is expected to increase as more fund closings are identified in the coming year.