Alternative investment fundraising totaled approximately $86.4 billion through the first half of 2025, driven by strong demand for income-producing strategies, according to the June issue of The Stanger Market Pulse, published by Robert A. Stanger & Company, Inc. 

Leading the pack were non-traded business development companies (BDCs), which brought in an estimated $23.2 billion. Other key contributors included private placements—such as infrastructure and private equity offerings—at $19.5 billion, interval funds at $18.2 billion, and private BDCs at $7.3 billion. 

Public non-traded BDC fundraising is up 28.4% year-over-year, reflecting continued retail investor interest in high-yield, credit-focused investments. In contrast, public non-traded REITs have raised $2.9 billion year-to-date, down 6.1% compared to the same period in 2024. Private REITs, however, have surged, raising $4.2 billion—a 76.7% increase year-over-year. 

“Stanger currently expects alternative investment capital formation to exceed $180 billion in 2025 for publicly registered and private placement products,” said Kevin T. Gannon, chairman of Robert A. Stanger & Co., Inc. “As we further enhance our analysis of tender offer funds in the closed-end space, we believe fundraising could top $200 billion for the year.” 

The firm’s survey tracks capital formation across a broad range of retail alternative investments, including non-traded REITs and BDCs, interval funds, non-traded preferreds, Delaware statutory trusts (DSTs), opportunity zone offerings, and other private placements. 

“The top fundraisers in the alternative investment space year-to-date are Blackstone ($14.4 billion), Cliffwater ($8.6 billion), KKR ($7.3 billion), Blue Owl Capital ($7.0 billion) and Ares Management Corporation ($6.6 billion),” noted Randy Sweetman, executive managing director of Robert A. Stanger & Co., Inc.