APRIL 2025

2025 Private Markets Capital Formation Survey

We are pleased to share our inaugural Private Markets Capital Formation Survey, which focuses on how private markets alternative asset managers organize their capital formation teams. This report includes responses from 110 capital formation professionals at firms of various size and scope, ranging from first-time fund managers to multi-strategy mega firms.

KEY FINDINGS:

  • Although 60% of respondents’ firms had capital formation teams of 2-9 people, team size varied dramatically based on GP size and scope. Capital formation headcounts entered double-digit territory as GP AUM surpassed $5B, which was also the point at which these GPs began managing double-digit numbers of product offerings.

  • Respondents from GPs with AUM of $10B or less had the highest concentration of their capital formation team operating in hybrid roles with both fundraising and investor relations responsibilities.

  • Among the 75% of respondents who indicated their firms had dedicated fundraising/sales professionals, 53% had sales coverage models based on geographic territories, while nearly 40% had generalist or arbitrary coverage models – an approach that often leads to challenges as sales teams grow.

  • Nearly one-third of respondents indicated their firms had no dedicated product management professionals - a major disadvantage if appropriate consideration is not given to how a GP’s story is positioned in today’s highly competitive fundraising environment.

  • Over 40% of respondents’ firms had capital formation professionals focused on private wealth, which comes as no surprise given the rapid increase in representation from private wealth channels in alternative asset capital raises.

  • While 75% of respondents’ firms had at least one fund in market, only half expected to use placement agents in 2025. Among those using placement agents, roughly two-thirds typically only use them in certain regions. Interestingly, many respondents’ lack of response on capital raise expectations for placement agents suggests many GPs may be holding their breath on their agents’ fundraising outcomes this year.

Thank you to all who shared their valuable insights with us. We hope you find the report useful. Please feel free to contact us with any questions, comments, or suggestions for future surveys.

Download the full report

Submit your information to download a PDF of the full report

.