Investors have allocated $915 billion to new and existing private funds so far in 2025 through August, up 1.5% from 2024, according to the Convergence Capital Flows report issued this week.
The data, available exclusively for Alternatives Watch subscribers, also display that compared with August 2024, investor activity measured in dollars is down 30% as inflows totaled $101.6 billion over the course of August 2025.
Splitting the data by strategy, credit funds have been the huge winner this year with investor inflows growing by 62% through August. For new fund launches, investors clamored for new offerings that saw growth of 135% year-over-year. Fund sponsors filed 1,424 new Form D filings in August 2025, up 28% over August 2024. All fund types experienced increases, according to Convergence.
Venture capital crowdfunding platforms saw asset growth of 8% YTD in comparison to 2024 figures, as private equity funds saw a 6% rise in investor capital inflows through August. Hedge funds, meanwhile, saw 1% greater allocations year-to-date, according to Convergence.
Funds seeing asset flow declines year to date through August were real estate (down 27%), venture capital (down 26%) and hybrid funds (down 2%).
The top three new funds (Reg D Offerings)
Investors piled $22.4 billion into new funds in August. For the year to date new funds saw an 8% rise in asset flows totaling $161.9 billion.
- JMI Management – JMI Equity Fund XII-A is a private equity fund that had $2.9 billion in commitments from 164 investors against an offering amount of $2.9 billion.
- Silversmith Management – Silversmith Capital Partners V-A is a private equity fund that disclosed $1.6 billion in commitments from 68 investors against its offering amount of $1.6 billion.
- PIMCO – PIMCO Specialty Finance Income Fund CE is a private credit fund that has collected $870 million from six investors against an offering amount that is indefinite.
The top three existing funds raising capital (Incremental Offerings)
Existing funds saw investor capital totaling $79.2 billion in August, which is down 32% from August 2024’s asset flows of $116.4 billion. Investors added $753.3 billion for the year to date, led by existing private credit strategies, which saw 52% more capital YTD vs. the same time period in 2024. Existing private equity funds were up 5%, while hedge funds were up 1%.
The top three funds raising incremental assets last month were:
- J.P. Morgan Investment Management’s Prime Liquidity Fund, which is a hybrid fund launched in 2016 that added $9.32 billion. According to regulatory filings the fund has sold $104.0 billion to date across 102 investors.
- Starwood Capital Group’s SOF-XIII raised $5.88 billion with one investor that was launched in August 2024. The Fund of One has raised $5.93 billion to date.
- TPG Capital Advisors amconcludeed its TPG Rise Climate II Europe, a private equity fund launched in August 2024 having raised $582 billion across 28 investors.
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What’s in the Charts
1. Total Fund Flows – Capital raised by new and existing funds
2. New Fund Flows – Capital raised by new funds issued during the current calconcludear year
3. New Funds – New funds issued
4. Incremental Fund Flows – Capital raised by existing funds issued in the prior calconcludear year
5. Incremental Funds – Existing funds raising incremental capital
Segments Measured
1. Hedge Funds
2. Private Equity Traditional
3. Private Equity Credit
4. Venture Capital
5. Venture Capital Crowd
6. Real Estate
7. Investing Funds (funds investing in other funds)
8. Other Funds
9. All Funds – Indusattempt View
Methodology
Alternatives Watch has partnered with U.S. research and data provider Convergence to provide our annual subscribers with expanded details on fund flows from across the alternative investment indusattempt on a monthly basis. While the charts here focus strictly on capital flows by asset class, the Norwalk, Conn.-based firm also provides data, research and analytics across the alternative asset management indusattempt to managers, allocators and service providers. Visit their website and learn more about their offerings.
Regulation D allows companies to raise capital by selling securities (like stocks or bonds) to accredited investors without having to register the offering with the Securities and Exmodify Commission (SEC). Convergence collects, parses, structures, and enriches the data found in Form D, in addition to studying the amount of capital raised by various entities under Regulation D.
Convergence applys proprietary technology to identify the investment adviser that is sponsoring a new fund or advising an existing fund that is continuously raising capital. This allows the company to quantify capital raised into new and existing funds.
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