Hard Asset Fundraising Outpaces Credit in Q2 2026 For the First Time in More Than Three Years
Shrewsbury, New Jersey, July 24, 2026 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its June 2026 issue of The Stanger Market Pulse. This issue marks the midpoint of a year defined by a pronounced pullback in credit and continued relative strength across hard asset and other non-credit strategies.
Alternative investment fundraising totaled $89.7 billion through June 2026, down 11% from $101.0 billion in the same period of 2025. The decline was heavily concentrated in credit strategies, where fundraising fell 40% to $32.4 billion. Excluding credit, fundraising increased 22% year-over-year to $57.4 billion.
Data through the first half of 2026 shows the continuation of a broader shift in capital formation. HALO strategies — hard assets with low obsolescence, consisting of real estate and infrastructure — raised $28.2 billion through June, up 31% from the first half of 2025. Infrastructure fundraising drove much of that growth, increasing 62% year-over-year, while real estate fundraising rose 9%.
“The first half of 2026 makes clear that investors are reallocating within alternatives rather than retreating from them,” said Kevin T. Gannon, Chairman & CEO of Stanger. “Credit fundraising declined sharply, while hard asset and other non-credit strategies continued to attract capital. Investors are becoming more selective about where they want exposure, and the data increasingly favors strategies supported by durable, long-term demand.”
Year-to-date 2026 gross fundraising by investment strategy, compared with the same period in 2025, is summarized in the table below:
Capital rotation reached a clear inflection point in the second quarter. HALO strategies raised $15.0 billion in Q2 2026, up 42% from Q2 2025, while credit strategies raised $12.2 billion in Q2, down 54% from the same period last year. It was the first quarter since Q1 2023 that hard asset fundraising exceeded credit fundraising, ending a twelve-quarter stretch in which credit led every period. BDC fundraising remained the clearest source of pressure within credit strategies. Combined publicly registered and private placement BDC fundraising totaled $4.8 billion in Q2 2026, down 69% from Q2 2025.
The second quarter also marked a broader shift in product structure. Private placement vehicles raised $20.9 billion in Q2, exceeding the $19.6 billion raised by public programs and accounting for 52% of total fundraising, up from 39% in Q2 2025. It was the first quarter in Stanger's data set in which private placements exceeded public programs. The move reflected a 6% year-over-year increase in private placement fundraising alongside a sharper 36% decline in public programs.
“The second quarter made the rotation visible in both strategy and structure,” Gannon added. “Investors are changing not only what they are funding, but how they are accessing alternative investments. The question for the second half is whether credit fundraising stabilizes or the rotation accelerates.”
Year-to-date gross fundraising by product category through June 2026, compared with prior years, is summarized in the table below:
As published in the June 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
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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
