Fundraising Shifts to HALO Strategies
Shrewsbury, New Jersey, March 23, 2026 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its February 2026 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 (“DSTs”), opportunity zone funds, private BDCs, private REITs and other private placements including infrastructure and private equity offerings.
Alternative Investment fundraising for February 2026 totaled approximately $13.4 billion, an 8% month-over-month decline from January levels. Interval funds narrowly surpassed business development companies in February with $2.90 billion and $2.87 billion, respectively, while tender offer funds followed at $2.1 billion. The recent BDC fundraising slowdown has continued into the new year with their February 2026 sales down nearly 43% as compared to February 2025 and down just under 54% from their all-time monthly high of $6.2 billion raised in March 2025.
According to Kevin T. Gannon, Chairman and CEO of Stanger, “Investor allocations across alternatives are beginning to realign toward HALO strategies — hard assets with low obsolescence — as market conditions evolve. While February monthly fundraising totals for BDCs declined 43% year-over-year and broader credit strategies declined 30%, real estate strategies, including REITs, DSTs and closed-end funds increased 31%, with infrastructure deals also posting year-over-year growth. This coupled with the recent increase in BDC redemption activity is consistent with the early stages of a broader cycle transition.”
*Source: Robert A. Stanger & Company, Inc. and Mountain Dell Consulting
Fundraising in non-traded REITs and DSTs in February totaled $612 million for publicly registered non-traded REITs, $564 million for private placement REITs, and $741 million for DSTs*. This is a 31% year-over-year jump from their February 2025 combined total.
“Earlier this month, we saw the BDC redemption pressure come to a head with HPS becoming the first publicly registered BDC to prorate Q1 redemption requests” added Gannon. “After receiving requests of 9.3% of shares outstanding, HPS chose to fulfill up to the standard 5% quarterly cap. This came on the heels of Blackstone redeeming 7.9% of shares outstanding after a $400 million investment from Blackstone and its employees enabled them to fulfill 100% of Q1 redemption requests.”
As published in the January 2026 edition 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 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
