Firms & Funds

DOWNLOAD: Private equity fundraising dips further in 2023, closings at five-year low

A total of $559bn was raised by buyout, growth equity, secondaries, venture capital and other funds last year, down 9% from the $611bn secured in 2022. Fund closings dropped more significantly, down 17%.

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Buyouts’ full-year 2023 fundraising report is now available for download.

North American private equity fundraising slowed for a second year in a row in 2023, as overallocation and weak distributions continued to impair LP supply of capital.

A total of $559 billion was raised by buyout, growth equity, secondaries, venture capital and other funds last year, down 9 percent from $611 billion secured in 2022, according to Buyouts data. Relative to two years ago, capital inflows declined by 4 percent.

The number of fund closings dropped more significantly, hitting a five-year low. Some 1,208 vehicles reached the finish line in 2023, down 17 percent from 1,453 funds wrapped up a year earlier.

Private equity capital raising in Q4 2023 was especially slow, with $123 billion brought into the market, down 22 percent from Q4 2022. Fund closings in the fourth quarter, totaling 276, fell by three percent over the same period.

Clayton Dubilier & Rice’s $26 billion 12th buyout vehicle was the largest fund closed last year. Behind it was Lexington Partners’ $22.7 billion 10th secondaries fund, Blackstone’s $22.2 billion ninth secondaries fund, and Apollo Global Management’s $20 billion 10th buyout fund.

Check out our interactive fundraising report above for all the details. Download the data here.