Key Takeaways
- • Global private equity fundraising reached $507bn in Q1–Q3 2025, 73% of 2024's full-year total, with secondaries funds accounting for 15% of capital raised, nearly double the five-year average, according to Preqin.
- • Funds targeting Europe captured 46% of private credit fundraising in Q1–Q3 2025, up from 23% in 2024, with direct lending taking 61.5% of capital raised.
- • Infrastructure aggregate capital raised surged 70% year-on-year in Q1–Q3 2025, the only asset class to surpass its full-year 2024 total in that period.
- • Global real estate fundraising hit $127bn in Q1–Q3 2025, nearly matching the 2024 full-year total, while AI accounted for over 50% of aggregate venture capital deal value.
- • Venture capital exits reached $171bn through Q3 2025, the highest since 2021, but VC fundraising remained sluggish at $64.4bn, 48% of 2024's total.
Summary
Preqin, a part of BlackRock, has released the latest editions of its Global report series covering private equity, private credit, infrastructure, real estate and venture capital. The reports consolidate the firm's research from 2025 and offer forward-looking predictions for each asset class, with the stated aim of helping market participants navigate market volatility, regulatory shifts, fundraising headwinds, valuation uncertainty and evolving investor demands.
In private equity, fundraising reached $507bn in Q1–Q3 2025, according to Preqin. Secondaries funds accounted for 15% of that total, nearly double the five-year average, as investors sought liquidity and the potential for discounted, return-enhancing opportunities. Looking ahead, Preqin expects the asset class to outperform public markets over the long term, although 80% of surveyed investors named exits as a top concern over the next 12 months.
Private credit showed a shift toward Europe. Funds targeting the region captured 46% of fundraising in Q1–Q3 2025, up from 23% in 2024, and direct lending led with 61.5% of capital raised. Distressed and special situations strategies gained momentum. Preqin's survey found that 81% of investors plan to maintain or increase private credit allocations over the next 12 months, with distressed and asset-backed lending forecast as the fastest-growing strategies.
Infrastructure recorded the strongest growth in the report set. Aggregate capital raised rose 70% year-on-year in Q1–Q3 2025, and the asset class delivered annualized returns of between 9% and 11% over one-, three- and five-year periods ending June 2025. Forty percent of investors plan to increase infrastructure commitments over the next 12 months, with Western Europe seen as the most attractive region.
Real estate fundraising hit $127bn in Q1–Q3 2025, nearly matching the 2024 full-year total, and North America's share of global deal value rose on faster closings amid expectations of interest rate cuts. Investor sentiment remains cautious, with 30% planning to reduce commitments and 27% planning to increase, and 64% citing interest rates as a dominant concern. Preqin expects Europe and APAC to lead the sector's recovery in 2026.
In venture capital, AI accounted for more than 50% of aggregate deal value in Q1–Q3 2025. Exit activity improved to $171bn through Q3, the highest since 2021, while fundraising stood at $64.4bn, 48% of 2024's total. Preqin expects AI, fintech and healthtech to remain dominant themes for 2026. The sentiment analysis draws on a November 2025 survey of 435 institutional participants, including fund managers and LPs.
In private equity, fundraising reached $507bn in Q1–Q3 2025, according to Preqin. Secondaries funds accounted for 15% of that total, nearly double the five-year average, as investors sought liquidity and the potential for discounted, return-enhancing opportunities. Looking ahead, Preqin expects the asset class to outperform public markets over the long term, although 80% of surveyed investors named exits as a top concern over the next 12 months.
Private credit showed a shift toward Europe. Funds targeting the region captured 46% of fundraising in Q1–Q3 2025, up from 23% in 2024, and direct lending led with 61.5% of capital raised. Distressed and special situations strategies gained momentum. Preqin's survey found that 81% of investors plan to maintain or increase private credit allocations over the next 12 months, with distressed and asset-backed lending forecast as the fastest-growing strategies.
Infrastructure recorded the strongest growth in the report set. Aggregate capital raised rose 70% year-on-year in Q1–Q3 2025, and the asset class delivered annualized returns of between 9% and 11% over one-, three- and five-year periods ending June 2025. Forty percent of investors plan to increase infrastructure commitments over the next 12 months, with Western Europe seen as the most attractive region.
Real estate fundraising hit $127bn in Q1–Q3 2025, nearly matching the 2024 full-year total, and North America's share of global deal value rose on faster closings amid expectations of interest rate cuts. Investor sentiment remains cautious, with 30% planning to reduce commitments and 27% planning to increase, and 64% citing interest rates as a dominant concern. Preqin expects Europe and APAC to lead the sector's recovery in 2026.
In venture capital, AI accounted for more than 50% of aggregate deal value in Q1–Q3 2025. Exit activity improved to $171bn through Q3, the highest since 2021, while fundraising stood at $64.4bn, 48% of 2024's total. Preqin expects AI, fintech and healthtech to remain dominant themes for 2026. The sentiment analysis draws on a November 2025 survey of 435 institutional participants, including fund managers and LPs.
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