The #s are in: 1st time fund formation is ⬇️ to just 21% of its ‘22 peak. Survival rates for GPs are under pressure & fundraising is tougher than ever. Since ‘20, 804 first-time funds have been raised. 

But things have changed: in ‘24 YTD, 1st time fund formation is down 79% from its ‘22 peak. Most of these funds are small (<$50M) & only 5% exceed $200M.
The environment for new fund formation is tightening.
#s