Investment banking firm Robert A. Stanger & Co. raised its forecast for alternative investment fundraising from retail investors to $115 billion in 2024 after a steady first half of the year. Previously, Stanger projected about $110 billion in fundraising for the year.
Fundraising for alternative investments available through the retail channel totaled $57.4 billion year-to-date through June, according to the firm. Non-traded business development companies led the pack, at $18 billion, representing a 133% increase over the same period in 2023.
Interval funds came in second with $13.6 billion. Infrastructure, private equity and other private offerings totaled $10.3 billion in fundraising.
At the same time, fundraising for non-traded REITs fell 61% year-over-year to $3.1 billion, as many investors repositioned their money toward investments in private placement REITs. Fundraising for private REITs totaled $2.5 billion year-to-date through June, according to Stanger.
Blackstone continued to dominate alternative investment fundraising during the period, raising $9.6 billion. Other top fundraisers in the space included Cliffwater, with $6.7 billion; Blue Owl Capital, with $5.4 billion; Area Management Corp., with $4.9 billion; and KKR, with $4.4 billion.
Stanger's data is based on surveys of major sponsors of alternative investments offered through the retail channel and includes non-traded REITs, non-traded BDCs, mutual funds, non-traded preferred shares of traded REITs, Delaware Statutory Trusts , Opportunity Zones and other private. placements.