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Global Private Funds Group Co-Head Marco Masotti spoke with the Financial Times’ FundFire about 2023’s strong fundraising year for large private equity managers in a lopsided market. The article, “Private Equity Fund Closings Plummet as Big Firms Crowd Out Market,” highlights 2023’s stark contrast between fundraising for big managers, including Apollo’s successful $20 billion Fund X closing, which Marco’s team led, and middle market managers that faced higher interest rates and fewer deals—leading to less capital.
“For the run of the mill middle-market private equity firm raising fund four, five or six, it was even harder,” Marco observes. “That’s what happens when limited partners feel capital-constrained… It just takes longer.”
However, this year could strike a different tone. More managers are returning to the market, he says, noting that his team took in five new fund pitches just last week. “That’s an amazing week,” he says. “People are getting back to work.”
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