Introduction
Private equity fundraising showed renewed signs of life in the first half of the year, with managers closing on $312 billion (Figure 1) in capital commitments – more than halfway to last year’s total figure of $490 billion.
Fundraising remains concentrated, with the top 20 funds by size accounting for $171 billion – more than half of the capital raised in H1. These include vehicles from blue chip names such as Blackstone, Clearlake, EQT, and KKR, demonstrating that investors continue to gravitate towards global multi-asset managers.
However, with median holding periods now more than five years, according to SPS data, allocators are increasingly emphasizing a need for liquidity.
Secondaries fundraising reached $51 billion in H1 and is expected to surpass last year’s record figure of $93 billion. Several secondaries mega-funds are still in the market, with Lexington Partners, Blackstone, and HarbourVest targeting over $20 billion apiece for their latest funds.
Investors are also increasingly diversifying geographically, with funds focused on multi-region, European, and Asia-Pacific investments collectively raising $179cbillion, against funds that solely focus on North America, which raised $131 billion.
Asia fundraising particularly rebounded from last year’s dip, with $10 billion-plus closes from EQT, Blackstone and Bain Capital.
Top 20
The 20 largest fund closes in H1 raised a combined $171 billion (Figure 2), accounting for 54% of the total capital raised across the 157 closes tracked.
Buyout funds accounted for 16 of the top 20 closes through the first half of the year, raising a combined $134 billion. KKR North America XIV was the largest fund to close, raising $23 billion – 15% above its original target of $20 billion.
Of the six mega-funds to close in H1, three focus on Asia. EQT’s BPEA IX became the largest-ever Asia buyout fund, raising $15.6 billion in April.
Meanwhile, Josh Harris’ 26North Private Equity Partners I closed at $5.9 billion – the only first-time fund to break into the top 20. The fund launched in 2023, originally seeking $4 billion, and closed almost 50% above target.
Blackstone’s Life Sciences VI was the largest growth equity fund to close in H1, raising $6.3 billion in commitments. The fund pursues non-control and royalty opportunities across the life sciences sector.
Funds in Market
At least 10 mega-funds are actively fundraising, seeking a combined $198 billion in capital commitments (Figure 4).
Advent International GPE XI is the largest fund still raising capital, having secured 96% of its $26 billion target, with a final close expected soon. Permira’s Fund IX and TPG Partners X are also expected to finish fundraising this year, targeting €17 billion ($20 billion) and $13 billion, respectively.
Meanwhile, KKR is seeking $15 billion for its fifth Asia-Pacific strategy, hot on the heels of its $23 billion North America Fund XIV.
The 10 largest private equity funds currently in market are targeting a combined $198 billion, including five with targets of at least $20 billion.
Secondaries
Secondaries funds raised $51 billion in H1 (Figure 5), accounting for over 16% of all private equity fundraising, and putting the asset class on pace to match or exceed 2025’s record total of $93 billion.
Two secondaries vehicles – Coller International Partners IX ($17 billion) and Partners Group Secondary Fund VIII ($9 billion) – made the top 20 largest funds raised, highlighting continued demand for liquidity from both managers and investors.
The fundraising figures come on the back of a record year for secondary transaction volume, with $226 billion of deal volume in 2025, according to data from Evercore –a 48% year-over-year increase. Transaction volumes reached $121 billion in H1 2026, the strongest first half recorded, with market participants expecting record volumes of $250 billion to $270 billion by year-end.
Several sizeable funds remain in market, with the five largest open secondaries funds seeking a combined $89 billion in capital commitments (Figure 6).
Methodology
Includes all fund closes tracked by With Intelligence in H1 2026, through the stories and signals published by reporters and data researchers throughout the year. Some of the fund closes have been included through press releases and direct manager reporting to With Intelligence. Funds that were raised in local currencies have been converted to USD ($) at the rate of €1 = $1.17, £1 = $ 1.34, 1NOK = $0.104, A$1 = $0.7013 and 1JPY = 0.0063.
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