Private Equity Retakes Fundraising Crown From Credit at iCapital
- Allocations moved away from private credit in third quarter
- Firms expecting private equity dealmaking to improve in 2025
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Investors are favoring private equity over private credit for the first time this year, according to Lawrence Calcano, the chief executive officer of iCapital.
About 45% of assets were allocated to private equity strategies in the third quarter, according to Calcano, while 34% was dedicated to private credit during the same period, said Calcano at iCapital, which has more than $200 billion in alternative assets on its marketplace for money managers. That’s a switch from the first half of this year, when roughly 44% of iCapital’s subscription flows went to private credit strategies and 33% went to private equity.