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When it comes to fundraising for sustainable private markets funds, the last 12 months have been muted, according to New Private Markets’ data. Our 2023 fundraising report shows that just $28.3 billion was raised for impact strategies across the whole year, the lowest amount since 2020. The total for 2022 was over $46.3 billion.
The fundraising statistics count the final closes of all funds and vehicles with fund-like economics, including co-investment funds, separate accounts and private mandates, with a closed-end structure.
The data reflects the general fundraising malaise that has beset all private markets. While funds with a sustainability angle have reportedly had more success in capturing the attention of LPs, they have not been immune to the slowdown, as the NPM data shows.
2023 was “one of the most challenging markets we have seen since the Global Financial Crisis” for private markets fundraising, Laurent de Rosière, Ambienta’s investor relations head, told us this week.
Despite the gloomy outlook reflected in the data, there are some reasons to believe brighter skies lie ahead. Emerging markets strategies in particular are beginning to gain momentum; our data does not include the commitments announced by Altérra, the Emirati climate vehicle established at COP28, to new EM-focused funds by Brookfield, TPG and BlackRock, as the funds have not yet been formally launched.
Check out our interactive fundraising report above for the full breakdown of activity. You can also download the data here.