Share of PE capital raised by size bucket

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By count, middle-market funds (between $100 million and $5 billion) accounted for 62.7% of PE fundraising, the highest percentage since 2008. In particular, we saw growth within the $500 million to $1 billion fund bucket, which grew from 82 new funds in 2022 to 95 funds in 2023. As deals have become smaller due to higher borrowing costs and valuation corrections, we have seen middle-market funds multiply. Although, aggregate capital raised for this segment remains lower than in the previous two years.