Alternatives in North America 2025

In our annual review of the North American private capital market, we examine fundraising and deal-making trends as they relate to North America–based investors and funds.

• Lower distributions have dampened fundraising, but improving sentiment around exits in 2025 may predict greater availability of capital for North America–based investors to (re)invest

• North America–based LPs are overallocated to private equity on average; a shallower pool of commitments is being shared across a narrower band of managers

• Market conditions in North America may lay the groundwork for distressed debt fundraising to accelerate after a period of relative decline

• LPs may seek to leverage a relatively strong negotiating position in a weaker fundraising market to secure better management fees, fee discounts, and governance terms