Subordinated debt bucks fundraising trend

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The strategy appears to be claiming market share as fundraising shows signs of coming under pressure.

Largely as a result of the denominator effect, but also due to investors taking stock of a challenging economic and geopolitical situation, it was always feared that 2023 might turn out to be a tough one for those fund managers attempting to gather fresh capital. Evidence from the first few months of the year does little to assuage such fears.