Private-credit fundraising faces its first test

Chart  •  July 27, 2025

In this chart

Private credit has yet to endure a full rate cycle, and a prolonged downturn could challenge fundraising – just as past cycles did for venture, buyout and real estate.

Prolonged fundraising intervals in private equity and real estate after downturns

Data as of Q4 2024. Source: MSCI Private Capital Universe.

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