Alternative Investment Fundraising Totals $11.8 Billion in April 2026; Non-Credit Strategies Post Year-Over-Year Gains
Shrewsbury, New Jersey, May 26, 2026 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its April 2026 issue of The Stanger Market Pulse, highlighting a sharp pullback in credit-oriented fundraising and continued capital rotation toward non-credit strategies across the retail alternative investment pipeline. The report tracks capital flows across key product categories, including non-traded REITs, non-traded BDCs, closed-end funds, private placements, and Delaware statutory trusts (“DSTs”).
Alternative investment fundraising totaled approximately $11.8 billion in April 2026, down 33% from April 2025 and nearly 25% from March 2026. Through the first four months of 2026, total fundraising reached approximately $59.3 billion, down 14% year-over-year.
The decline in BDC fundraising, the central storyline of 2026, intensified sharply in April. Combined publicly registered and private placement BDC sales totaled approximately $1.6 billion, down 74% from April 2025 and the lowest monthly total since May 2023. BDC fundraising has declined sequentially each month in 2026, bringing year-to-date combined BDC fundraising to approximately $10.8 billion, down 52% from the same period in 2025.
Broader credit strategy fundraising showed similar pressure. Total credit fundraising declined 63% year-over-year to approximately $3.7 billion in April, the lowest monthly total since May 2023. Year-to-date credit fundraising reached approximately $23.6 billion, down 36% from the same period in 2025. Credit strategies accounted for just 32% of total April fundraising, down from 56% a year ago.
Outside of credit, fundraising trends were more resilient. Excluding credit strategies, alternative investment fundraising totaled approximately $8.1 billion in April, up 4% year-over-year. HALO strategies — hard assets with low obsolescence — continued to attract capital, with combined real estate and infrastructure fundraising reaching approximately $17.2 billion through April, up 20% from the same period in 2025. Infrastructure strategies alone rose 24% on a year-to-date basis, while real estate strategies gained 16%.
“The BDC sector is now firmly in the downturn phase of the Stanger Liquidity Cycle — fundraising is contracting, redemption demand remains elevated, and investor capital is rotating out of private credit,” said Kevin T. Gannon, Chairman & CEO of Stanger. “What’s notable is that the broader alternative investment market outside of credit is holding up. Capital isn’t leaving alternatives — it’s leaving credit. Hard asset strategies continue to show relative strength on a year-to-date basis, and we expect that shift to remain a defining feature of the market in the coming months.”
As published in the April 2026 issue of The Stanger Market Pulse, the Top Twenty Sponsors by year-to-date gross fundraising are summarized in the table below:
To request a copy of The Stanger Market Pulse or for more information on all available Stanger Publications, please visit our website or contact:
Gregory R. DiSalvo
732.389.3600
gdisalvo@rastanger.com
***
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
