Cover Story

LPs are voicing an interest in stepping outside their traditional fund role and investing directly in GPs. The result could be a new class of shareholders in private markets.

Uncertainty abounds as endowments scramble to adapt to government policies, sluggish dealmaking and diminished exits.

The 100 biggest investors allocated a whopping $1.41trn to the asset class as of the end of December 2024, according to Buyouts data.

The growth-oriented firm, No 4 on the Buyouts 100, is targeting $13bn for a 10th flagship buyout fund, its first since 2022.

Fundraising for the members on the list fell, from $2.01trn last year to $1.98trn this year – a first since we started compiling the list in 2021. We welcome newcomers New Mountain Capital and Sterling Group.

Well-known names on our list respond to the possible effects of a foreign retreat from investments in the US.

In an otherwise dreary market, the sector continues to be resilient, as shown by the performance of Thoma Bravo, Insight, Vista and Silver Lake on our list of the largest North American fundraisers.

In an era of anemic fundraising, hanging up a shingle and going deal by deal is working quite well for these managers.

Despite the odds, many new GP teams brave a tough market.

Private equity fundraising could get a lift in 2025 from more buoyant deal activity, but a return to sustainable rates of growth are still not in view. GPs should plan accordingly for the long haul.