Private placement REITs raised more than 45% above publicly registered REITs in the first half of 2025, attracting over $4.2 billion of investor capital compared to $2.9 billion, according to Robert A. Stanger & Company’s Q2 2025 Stanger Privates report. The report drew on more than $84 billion in NAV across nearly 120 private placement REITs and BDCs. 

Private placement REITs expanded their aggregate NAV to $24.0 billion in Q2, a 10.5% quarter-over-quarter increase, underscoring their growing market share. Credit strategies continue to dominate overall fundraising, with publicly registered BDCs raising $23.1 billion compared to $8.5 billion for private placement BDCs. Excluding Blue Owl Technology Finance Corp.—which listed on the NYSE in June—private placement BDCs still delivered an 8.8% NAV increase for the quarter. 

“Private placements continue to gain traction in the alternative investment market as they benefit from fewer regulatory restrictions, higher concentration limits, and the absence of legacy asset drag,” said Kevin T. Gannon, chairman and CEO of Stanger. He added that private placement REITs are on track for $8 billion in 2025 capital formation—a 60% year-over-year increase—and private placement BDCs are on pace for $19 billion, positioning private placements to outpace their public peers this year. 

Stanger noted that key Q2 developments included regulatory tailwinds, consolidation, institutional partnerships, and new offerings, all of which are expected to further accelerate private market fundraising momentum. 

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