Key Takeaways
- • Private-equity firms raised $222 billion year-to-date through September 30, 2026, the lowest fundraising total since at least 2020, according to PitchBook data.
- • The year-to-date figure compares with $330 billion raised across all of last year, signaling a sharp slowdown in LP commitments to the asset class.
- • Publisher context indicates fundraising fell 34.4% over a four-quarter period in a prior PitchBook reading, consistent with a sustained pandemic-era-level downturn.
- • Private equity dry powder reportedly reached a record $1.1 trillion in the 2025 annual US PE breakdown, suggesting capital is available but not yet being deployed through new fund raises.
Summary
Private-equity firms have raised $222 billion so far in 2026 through September 30, compared with $330 billion raised for all of last year, making it the lowest fundraising total since at least 2020, according to data from PitchBook. The figures were shared by Traders Union reporter Gunjan Banerji in a recent post.
The weakness in fundraising is consistent with earlier PitchBook reporting cited in the publisher's coverage, which described private equity fundraising falling 34.4% over a four-quarter period and dropping to pandemic-era levels. Earlier PitchBook analysis also noted that fundraising in the asset class had fallen 34% in Q2 2025 and was on track for its lowest point since the 2020 pandemic slump.
The fundraising slump comes alongside a record stockpile of uncalled capital. PitchBook's 2025 annual US PE breakdown put dry powder at a record $1.1 trillion, which the publisher's coverage suggests could support renewed deal activity once fundraising conditions improve. Separate publisher coverage of Financial Times reporting noted that private equity firms had sold 321 companies year-to-date in an earlier period, putting the market on track for its weakest year since 2009.
The data points to continued pressure on general partner fundraising and a tightening of limited partner allocations to private markets. Allocators and fund managers should monitor whether the gap between available capital and new fund formation narrows in coming quarters.
The weakness in fundraising is consistent with earlier PitchBook reporting cited in the publisher's coverage, which described private equity fundraising falling 34.4% over a four-quarter period and dropping to pandemic-era levels. Earlier PitchBook analysis also noted that fundraising in the asset class had fallen 34% in Q2 2025 and was on track for its lowest point since the 2020 pandemic slump.
The fundraising slump comes alongside a record stockpile of uncalled capital. PitchBook's 2025 annual US PE breakdown put dry powder at a record $1.1 trillion, which the publisher's coverage suggests could support renewed deal activity once fundraising conditions improve. Separate publisher coverage of Financial Times reporting noted that private equity firms had sold 321 companies year-to-date in an earlier period, putting the market on track for its weakest year since 2009.
The data points to continued pressure on general partner fundraising and a tightening of limited partner allocations to private markets. Allocators and fund managers should monitor whether the gap between available capital and new fund formation narrows in coming quarters.
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