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Unlisted, closed-end funds raised $23.6 billion during the first quarter of the year, the lowest Q1 fundraising tally since 2018.
That total was achieved through 13 final closes, with an average fund size of $1.8 billion. The largest vehicle closed in Q1 was BlackRock’s Global Renewable Power Fund III, which amassed $4.8 billion. It was one of four dedicated renewables funds to close in the quarter. Of the 13 funds closed, five, or about 38 percent of all funds, were specialist strategies.
In fact, of the top five funds closed in Q1, which raised a total of just over $17 billion, only one – the $2.7 billion Basalt Infrastructure Partners III – could be described as having a generalist focus.
Looking ahead, multi-regional funds continue to dominate funds in market, with about $135 billion being sought for such strategies. Notably, though, Asia-Pacific-dedicated strategies are now trailing Europe closely, with some $16 billion and $20 billion being sought for each region, respectively. North America continues to be the most coveted region, with over $40 billion being targeted for it.