Public Non-Traded & Private BDC Fundraising Surpasses $30 Billion
Shrewsbury, New Jersey, July 23, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its June 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 $86.4 billion through June led by non-traded business development companies at an estimated $23.2 billion, other private placements, including infrastructure and private equity offerings, at $19.5 billion, interval funds at $18.2 billion and private business development companies at $7.3 billion. Public non-traded BDC fundraising is up 28.4% compared to this time last year as retail investors continue to be drawn to higher yielding credit focused investments. Public non-traded REITs have raised $2.9 billion year-to-date, down 6.1% as compared to this time last year, while private REITs have raised $4.2 billion and have surged 76.7% as compared to fundraising this same time last year.
According to Kevin T. Gannon, Chairman of Robert A. Stanger & Co., Inc., “Stanger currently expects alternative investment capital formation to exceed $180 billion in 2025 for publicly registered and private placement products. As we further enhance our analysis of tender offer funds in the closed-end space, we believe fundraising could top $200 billion for the year.”
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 ($14.4 billion), Cliffwater ($8.6 billion), KKR ($7.3 billion), Blue Owl Capital ($7.0 billion) and Ares Management Corporation ($6.6 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 Closed-End Fund Report, focused on non-traded interval fund and tender offer fund investing, and The Alt Street Journal, a weekly newsletter providing an update on industry activities.
Stanger's newest publication, Stanger Privates, is a quarterly deep dive into over 100 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
