New research from Carne Group (Carne), Europe’s largest independent third-party management company (ManCo) and leading provider of fund regulation and governance solutions for the asset management industry, reveals private equity managers are exploring fresh approaches to boost fundraising.
After a year of slowdown, when global private equity fundraising dipped to US$751 billion in 2024 [1], managers are adapting to the effects of interest rate hikes, lingering uncertainty in the US, and a marked slowdown in M&A activity.
Des Fullam, Chief Regulatory and Client Solutions Officer at Carne Group, said:
“Even after a challenging year marked by higher interest rates and subdued deal activity, private equity continues to stand out as the dominant force within private markets. Capital is concentrating around high-quality, well-established funds, while the growing strength of the secondaries market is helping to sustain momentum. What we’re seeing now is a real sense of renewal, with new fund structures, broader investor access, and expansion into new markets all contributing to a more optimistic fundraising outlook.”
Part of Carne’s four-part private markets report series, the study surveyed 25 senior private equity executives collectively overseeing US$245 billion in assets under management. It shows how firms are rethinking capital-raising strategies amid tougher macroeconomic conditions, rising regulation, and evolving investor expectations, and how those strategies are already having an impact.
· 84% of managers planned to raise capital in new jurisdictions.
· 80% expect flows into segregated mandates to increase, reflecting investors’ appetite for tailored exposure
· 32% are looking at fully outsourcing access to distribution partners
Carne’s research also shows that firms are increasingly turning to new fund structures, such as evergreen and semi-liquid vehicles, while broadening investor access through retail channels. The survey found 83% of private markets wealth managers already offer semi-liquid vehicles, with the rest set to follow within two years, a move that is helping to diversify investor bases and sustain inflows.
Managers are also expanding into new markets, deepening LP partnerships, and leveraging third-party distribution. The UK, Singapore and Switzerland were among the most popular markets for inaugural fundraises, cited by 64% and 32% of respondents.
These developments appear to be boosting expectations. According to Carne’s survey, 72% of managers expected inflows to rise in 2025, with 44% anticipating a “significant” increase. The findings suggest that the adoption of new strategies is fostering confidence in the sector’s ability to attract capital, diversify investor bases, and support sustainable growth.
Des Fullam adds:
“The market is evolving as firms seek to establish evergreen structures to tap a broader capital pool . Capital has flowed disproportionately to the largest, most established funds, smaller managers must focus on sector specialisation to stand-out. That evolution brings a great deal of opportunity, but it also magnifies compliance challenges, especially around valuations and transparency. The managers that succeed will be those who pair fundraising creativity with the right operational resilience and governance.”
[1] Source: Preqin Global Private Capital Fundraising Report 2025
