How Long Does Fundraising Last?
If a firm has been fundraising for 2+ years and still hasn't announced a final close, is that a good sign?
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Unhelpful answer but it depends... Have a look at their last close and compare it to the fund's target size (they normally disclose the target size when they announce the launch of the fund). If the target size was 1bn and their last close was 1.2bn then I'm sure theres a good reason. If the target size was 1bn and their last close was 300m they are probably struggling to raise capital
On the whole I would argue that 2 years is a long time to raise a fund however there may be a legitimate reason such as one of their anchor LPs is short of liquidity however has promised a significant commitment and the GP is waiting for them.
Also worth mentioning that 2023 and 2024 were particularly bad years for GP fundraising. Only the mega funds seemed to be unaffected, most mid market funds struggled (apart from the real star GPs)
Edit - also depends on the asset class. I assume you're referring to PE as opposed to PC or infra. Is common for infra funds to take a while to raise capital due to the nature of the asset class and often long dated funds (15 years +)
They had targets for the last 5 funds, no disclosed target size for this one.
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