Despite many observers expecting a marked slowdown in asset flows, private market managers collected over $95 billion last month, according to the AW Research Manager Scorecard for July.
Private equity funds led the way, accounting for 74% of capital raised during the month with $70 billion mostly going to funds closing at over $1 billion.
Overall alternative assets raised was 6% higher than last July when managers attracted $81 billion. As allocators continued to pour capital into private equity and credit strategies, the largest funds soared in size with the top ten largest fund closes totaling over $71 billion.
The largest fund close was CVC Capital Partners IX that saw extraordinary interest from large institutional investors, attracting $29 billion in assets. Investors included: Massachusetts Pension Reserves Investment Management Board; Rhode Island Employees’ Retirement System; New Jersey Division of Investment; and Louisiana Teachers’ Retirement System.
The second largest asset raise was Antares Capital’s loan fund that closed at $6 billion. Overall credit fund assets accounted for $24.3 billion in asset flows in July. Overall, the figures are similar to what was seen in July 2022, when credit strategies raised over $19 billion in capital.