Alternative Investment Fundraising Totals $15.0 Billion in March 2026; BDC Fundraising Down 45% in Q1 2026
Shrewsbury, New Jersey, April 22, 2026 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its March 2026 issue of The Stanger Market Pulse, highlighting continued shifts in alternative investment fundraising across the retail 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 for March 2026 totaled approximately $15.0 billion, a 5% month-over-month decline from February and 18% below March 2025 levels. Tender offer funds captured the largest share of March sales with $2.8 billion of gross inflows, while business development companies and interval funds followed with $2.7 billion and $2.5 billion, respectively. For Q1 2026, alternative investment fundraising totaled approximately $45.7 billion, down 10% from Q1 2025 and 19% from Q4 2025.
The continued slowdown in BDC fundraising accounted for much of the decline. Combined publicly registered and private placement BDC sales totaled $8.9 billion in Q1 2026, down 45% from Q1 2025. Across all vehicle types, total credit fundraising in Q1 declined 30% year-over-year to $18.9 billion.
In contrast, investor allocations toward HALO strategies — Hard Assets with Low Obsolescence — continued to build. Real estate strategies posted $7.2 billion in Q1 2026 fundraising, up 26% from Q1 2025, while infrastructure strategies totaled $5.8 billion, up 14%. Combined HALO fundraising of $13.1 billion represented a 20% year-over-year increase from Q1 2025.
Taken together, the data points to a clear reallocation of capital away from credit-oriented strategies and toward hard asset exposures.
“The capital rotation out of private credit is no longer emerging — it's firmly underway,” said Kevin T. Gannon, Chairman & CEO of Stanger. “Investor demand for private credit has softened meaningfully, while real estate and infrastructure strategies continue to gain traction. This shift reflects a broader move toward hard assets, and we expect it to remain a defining theme throughout 2026.”
As published in the March 2026 issue of The Stanger Market Pulse, the Top Twenty Sponsors by year-to-date gross fundraising are summarized in the table below:
“Private placements accounted for 51% of total fundraising in Q1 2026, up from 40% a year ago,” said Randy Sweetman, Executive Managing Director at Stanger. “Much of that growth is driven by the broader rotation toward HALO strategies. As capital continues to move away from credit, private placement vehicles continue to capture an increasing share of that reallocation.”
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
