PitchBook noted in its latest global private market fundraising report that dry powder on the rise despite a fairly tough fundraising environment. PitchBook also mentioned in the extensive research report that even though fundraising was a bit slow so far this year, private markets remain quite resilient, with more than $900 billion committed through the month of September of 2025.
PitchBook further stated in a recent research report that Europe continues to gain ground, capturing a record “34% of global commitments—driven by surging infrastructure and secondaries activity.”
The report from PitchBook pointed out that global dry powder has risen again, led by private equity, “though its aging profile signals urgency for deployment: With more than half of global dry powder now 2 to 5 years old, managers face pressure to deploy capital before investment periods end.”
Hilary Wiek, CFA, CAIA Senior Strategist, Fund Strategies & Sustainable Investing, said that despite word of an “improving dealmaking environment in 2025 for both PE and VC,1, 2, 3, 4 fundraising figures continue to be weak, both in terms of number of funds closed and capital committed.”
Although it is easy to complain about markets well off their highs, over $900 billion was “committed in the first nine months of the year—a total that would have been a pretty great full year prior to 2016.”
The numbers will now be expected grow significantly both from the addition of another “quarter for the calendar year and because data collection often takes some time for smaller funds and fund managers that do not take the time to issue a press release when they close a fund.”
Based on past additions to their data over an extended period of time, PitchBook researchers said that they would now “expect 2025 to have a good shot at beating 2024, but it may take a year or longer for that picture to become clear.”
Juan Mier, CFA. Lead Research Analyst, Fund Strategies & Sustainable Investing, has shared that secondaries are currently on track for what now appears to be “a record-breaking fundraising year in 2025.”
With three months now still remaining, the $105 billion” “raised so far in 2025 has practically matched the 2024 record.” The comprehensive research report from PitchBook has also pointed out that now the trailing four-quarter fundraising total as of Q3 2025 “is $122.6 billion, representing a 21.9% year-over-year increase from Q3 2024.”
