Private investment funds spanning private equity, venture capital, private credit, real estate and hedge funds have attracted over $1 trillion this year through October, marking a rise of nearly 11% from 2024, according to the latest figures detailed in Convergence Capital Flows.
Convergence, which distributes its monthly data and analysis exclusively on Alternatives Watch, tracked $113 billion in investor inflows across new and existing private funds in October. The full data set follows in the links below and is available exclusively to Alternatives Watch subscribers.
The asset class seeing the greatest growth year-over-year is private credit, with inflows of $63 billion in October, which was a jump of 55% from inflows tracked by Convergence in October 2024.
New fund issuance across the board remains healthy, with real estate being the only asset class seeing a pullback, with a 2.2% drop in assets raised, compared with the same period last year.
New launch trends
Much of the activity so far in 2025 remains in new private credit offerings which saw growth of 42.8% versus private equity’s growth of 41% year-over-year. This year through October, advisors issued 13,686 new funds, which is an increase of nearly 16% from 2024.
In the month of October alone, advisers issued 1,598 new private funds, up 22.83% from October 2024.
Investors allocated $30.8 billion to new private investment funds during the month, which is up 68% over the same time period in 2024. For the year-to-date, asset growth in new funds was up 27%, totaling $229.53 billion for the first 10 months of the year.
The top three new fund offerings in October, as ranked by assets, were all private equity funds.
The largest was Ottawa Avenue Private Capital, which disclosed $3.4 billion in assets raised in its OA GP Fund. The Grand Rapids, Mich.-based firm, owned by Wakestream Holdings, invests in private equity funds, co-investments in private equity investment opportunities, and other traditional and alternative asset classes.
MCP Management (Melange Capital Partners) came in second place with the initial $2 billion raise for its new MCP Energy SMA. The firm’s strategy is to access energy-focused private equity portfolios or companies, through secondary transactions in North America.
Lastly, Trout Holdings saw an initial sale of $1.9 billion and is managed by Dawson Partners and Thrivent Financial for Lutherans, which is a managing member of the General Partner. Trout focuses on real estate and various investment opportunities.
Existing fund capital flows
Fund flows into existing funds continue as the historically busy fourth quarter kicks off. For the month, capital flows were down 6% compared to the same time in 2024 with $82 billion in allocations to existing funds. For the year-to-date however, flows were up 7.3% in comparison to 2024. So far in 2025, $932 billion has been placed into existing fund offerings.
The three largest incremental fund offerings disclosed in October totaled roughly $19 billion.
Starwood Capital Group saw the largest inflows of $6.59 billion to its SOF-XIII Feeder KA. The real estate opportunistic fund strategy was the leading offering in September as well.
Coming in second place was McCarthy Investment Management, also known as M-One Capital Management, which added $6.1 billion to its fund that it initially launched in 2013. The Omaha-based firm offers a core private equity strategy that invests across business services, consumer products, and financial services.
The third largest incremental fund raise was at Invesco, which saw $6 billion in capital flows to its Invesco Real Estate European Fund FCP-SIF.
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