Soft fundraising for closed-end funds in the final quarters of 2025 may reflect a shift to alternative private credit products
Closed-end private credit fundraising ended 2025 on a relatively weak note compared to 2024 as macro factors and a secular shift towards more liquid funds weighed on the total
Sentiment towards private credit funds, especially direct lending, remains solid moving into 2026
There are more funds in market in Q4 compared with Q1 2025, indicating GPs may be somewhat more confident in the outlook for private credit in 2026