Alternative investment fundraising reached $102.3 billion through July 2025, according to Robert A. Stanger & Company’s latest Market Pulse. Non-traded business development companies (BDCs) led the way with $26.7 billion, followed by other private placements—including infrastructure and private equity offerings—at $23.5 billion, interval funds at $21.6 billion, and private BDCs at $9.2 billion. 

Fundraising momentum has been especially strong in credit strategies. Public non-traded BDC inflows are up 27.7% year-over-year, reflecting retail investors’ demand for higher-yielding, credit-focused vehicles. On the real estate side, private REITs have raised $4.9 billion year-to-date, up nearly 75%, while public non-traded REITs slipped 9.1% to $3.4 billion, underscoring a shift toward less-regulated structures. 

“After a robust first half of the year in alternative investment capital formation, Stanger reiterates our belief that fundraising should top $200 billion for the year once we have completed a full integration of closed-end tender offer funds into our analysis,” said Kevin T. Gannon, Chairman of Robert A. Stanger & Co. 

The year’s top fundraisers include Blackstone ($16.6B), Cliffwater ($10.1B), KKR ($8.7B), Ares Management ($8.1B), and Blue Owl Capital ($8.1B), according to Randy Sweetman, executive managing director at Stanger. 

Stanger’s survey covers retail-sold alternatives across the spectrum, including non-traded REITs, BDCs, interval funds, non-traded preferred stock, Delaware statutory trusts, opportunity zones, and private placements. 

Connect Money will spotlight rising stars who have made a valuable contribution to the alternative investment industry. Based on your nomination, we will recognize professionals who have significantly influenced both the workplace and community. The deadline is September 10. Click here to submit your nominations.