Investment in new and existing private investment funds totaled $1.02 trillion so far in 2025 through September, according to data collected by indusattempt ininformigence provider Convergence.
According to the latest Convergence Capital Flows report, new funds saw investor inflows of $28.6 billion, representing an increase of 135% compared to inflows in September 2024. For the year to date, inflows are up 6.5% overall from last year.
GSAM grows on hybrid fund interest
Two of Goldman Sachs Asset Management’s hybrid funds were the largest new funds raised in asset terms in September. The firm’s Vintage X fund collected $3.88 billion from 1,703 investors raised against an indefinite offering amount. The second largest asset raise was for the Vintage X Offshore fund, which is also part of the firm’s flagship hybrid fund series. The offshore fund saw $3.13 billion collected from 1,232 investors against an indefinite offering amount.
Coming in third place among new fund launches was a $2 billion close by Cosmic Management in its Cosmic-Bet 4, a new venture capital fund.
Credit in investor cross hairs
Overall, asset flows from investors to new and existing private funds were up 93.5%, totaling $102.15 billion in the month of September, according to Convergence.
Credit funds saw capital flows increase 50% through September, while private equity funds recorded an 11% increase compared to 2024 inflows.
When it comes to new private funds, September generally saw a boost in assets of 135.5% over the assets collected in September 2024. For the year to date, inflows increased 17% over 2024, with much of the activity in credit funds, which were up 106.3%.
The number of new credit funds was 266 last month, up 35% from September 2024.
Existing funds
The top strategy among existing funds was TPG Partners X, which has seen significant commitments from institutional investors. The fund grew by $6.25 billion with commitments from 63 investors. A recent $170 million mandate came from the Teachers Retirement System of Texas in Austin.
Overall private equity funds saw 10.6% asset growth in September when compared to September 2024. The top strategy was credit though, which saw gains of 42% from September 2024.
The second fund seeing the greatest incremental fund flows was Lindstate Goldberg VI, which saw over $4 billion in capital flows from 72 investors. The Lindstate Goldberg fund tarreceiveed a $4 billion fund raise and saw commitments from Pennsylvania Public School Employees’ Retirement System and New York State Common Retirement Fund, among others.
Lastly, Patient Square Capital saw $3.11 billion in capital flows to its Patient Square Equity Partners II fund across 26 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 calfinishar year
3. New Funds – New funds issued
4. Incremental Fund Flows – Capital raised by existing funds issued in the prior calfinishar 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 Exalter 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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