Public Non-Traded BDCs Lead With Nearly $20 Billion of Fundraising
Shrewsbury, New Jersey, June 24, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its May 2025 issue of The Stanger Market Pulse, complete with fundraising data of all alternative investments offered via the retail pipeline. These include public non-traded REITs, public non-traded BDCs, interval funds, non-traded preferred stocks, Delaware statutory trusts, opportunity zone funds, private BDCs, private REITs and other private placements including infrastructure and private equity offerings.
Alternative Investment fundraising totaled approximately $72.7 billion through May led by non-traded business development companies at an estimated $19.9 billion, other private placements, including infrastructure and private equity offerings, at $16.0 billion and interval funds at $15.2 billion. For the third straight month, non-traded REITs saw an increase in fundraising due in part to $184 million of May fundraising coming from a Delaware Statutory Trust (“DST”) UPREIT transaction by JLL Income Property Trust, Inc. Despite the recent increase in capital formation, non-traded REIT fundraising overall is down 8.0% compared to this same time last year. Non-traded BDC fundraising, however, is up 33.1% compared to this time last year as retail investors continue to be drawn to higher yielding credit focused investments.
According to Kevin T. Gannon, Chairman of Robert A. Stanger & Co., Inc., “We expect BDC fundraising to exceed $60 billion in 2025 for publicly registered and private placement products.”
Stanger’s survey of top sponsors tracks fundraising of all alternative investments offered via the retail pipeline including publicly registered non-traded REITs, non-traded business development companies, interval funds, non-traded preferred stock of traded REITs, Delaware statutory trusts, opportunity zone, and other private placement offerings.
According to Randy Sweetman, Executive Managing Director of Robert A. Stanger & Co., Inc., “The top fundraisers in the alternative investment space year-to-date are Blackstone ($12.5 billion), Cliffwater ($7.2 billion), KKR ($6.2 billion), Blue Owl Capital ($5.5 billion) and Ares Management Corporation ($5.5 billion).”
To request a copy of The Stanger Market Pulse or for further information on all available Stanger Publications, please contact:
Gregory R. DiSalvo
732.389.3600
gdisalvo@rastanger.com
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About Robert A. Stanger & Co., Inc.
Robert A. Stanger & Co., Inc., founded in 1978, is a nationally recognized investment banking firm specializing in providing investment banking, financial advisory, fairness opinion and asset and securities valuation services to partnerships, real estate investment trusts and real estate advisory and management companies in support of strategic planning, capital formation and financings, mergers, acquisitions, reorganizations, and consolidations.
Stanger is also well known for its flagship publication, The Stanger Report, a nationally recognized comprehensive report focused on non-traded REIT and BDC investing, including aggregate market statistics, total returns by company and total return indices, fee structure comparisons, and profiles of current offerings; The Stanger Market Pulse, focused on public non-traded REIT, non-traded BDC and other alternative investment fundraising; The Stanger Chairman’s Report, focused on NAV REIT and non-traded BDC sales and redemptions; The Stanger Interval Fund Report, focused on non-traded interval fund investing, and The Alt Street Journal, a newsletter providing a weekly update on industry activities.
Stanger also recently launched Stanger Privates, a quarterly publication focused on Private Placement REITs and BDCs and available exclusively to Stanger Institutional Access subscribers.
For More Information:
Kevin T. Gannon | Chairman & CEO | (732) 389-3600
Robert A. Stanger & Co., Inc.
1129 Broad Street, Suite 201
Shrewsbury, NJ 07702
www.rastanger.com
Member: SIPC
