Alternative investment fundraising climbed to $148.4 billion through September, reflecting robust demand for income and diversification strategies across retail and high-net-worth channels, according to the September 2025 issue of The Stanger Market Pulse by Robert A. Stanger & Co., Inc. 

Public non-traded business development companies (BDCs) led inflows with $34.5 billion, up 30.7% year-over-year, while private placements, including infrastructure and private equity offerings, accounted for $30.5 billion. Interval funds remained a key growth driver at $29.6 billion, followed by public tender-offer closed-end funds at $19.3 billion and private BDCs at $13.3 billion. By contrast, public non-traded REITs lagged with just $4.3 billion raised—down 4.2% from last year. 

“Fundraising in business development companies, closed-end funds, and private placements continues to dominate the space as investors shift away from non-traded REITs in 2025,” said Kevin T. Gannon, Chairman of Stanger & Co. “Private offerings now account for over 40%—roughly $60 billion—of this year’s $148 billion in total retail capital formation. Accordingly, we are reaffirming our 2025 projection of $200 billion in total alternative investment fundraising.” 

According to Randy Sweetman, Executive Managing Director at Stanger, Blackstone remains the top fundraiser in 2025 with $21.1 billion, followed by Cliffwater ($12.8 billion), KKR ($12.2 billion), Ares Management Corporation ($11.8 billion), and Blue Owl Capital ($10.8 billion).