The 2025 Preqin Private Capital Fund Terms Advisor

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In our 2025 Private Capital Fund Terms Advisor report, we consider the effect of the fundraising environment on fees and terms and analyze management fee headline rates in the context of fund performance. Our consolidated data pack contains fee and terms data from Preqin, Preqin’s Term Intelligence, and Freedom of Information Act requests.

Headline management fee rates continue downward trajectory for buyout funds, though net fee increase since 2020 suggests discounts have fallen
Infrastructure and private credit headline fee rates have increased on the 2024 vintage, perhaps reflecting increased GP confidence in fundraising prospects
Buyout funds of vintages 2020–2024 have exhibited a negative association between management fee rate and fund performance; other asset classes show more varied results
LPs have gained on fund formation and governance terms, including minimum LP commitment sizes and late-close interest rates