Stanger Reaffirms $200 Billion Fundraising Projection for 2025
Shrewsbury, New Jersey, October 23, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its September 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, closed-end interval and tender offer 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 $148.4 billion through September led by public non-traded business development companies at $34.5 billion, other private placements, including infrastructure and private equity offerings, at $30.5 billion, interval funds at $29.6 billion, public offering closed-end tender offer funds at $19.3 billion and private offering BDCs at $13.3 billion. Public non-traded BDC fundraising is up 30.7% compared to this time last year while public non-traded REIT capital formation is down 4.2% having captured $4.3 billion of fundraising.
According to Kevin T. Gannon, Chairman of Robert A. Stanger & Co., Inc., “Fundraising in business development companies, closed-end funds and private placements continue to dominate in the space as investors have shifted their investments away from non-traded REITs in 2025. Private offerings this year now account for over 40% ($60 billion) of the $148 billion in alternative investment fundraising by retail investors. Accordingly, Stanger is reaffirming its 2025 projection of $200 billion of capital formation in alternative investments.”
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 ($21.1 billion), Cliffwater ($12.8 billion), KKR ($12.2 billion), Ares Management Corporation ($11.8 billion) and Blue Owl Capital ($10.8 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 industry leading publications: 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, a monthly deep-dive into 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, Stanger Privates, a quarterly publication focused on Private Placement REITs and BDCs exclusively available to Stanger Institutional Access subscribers; and The Alt Street Journal, a weekly newsletter providing an update on industry activities.
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
