The 2024 fundraising results are in — and they don’t appear to paint the picture of investor excitement that has come to have driven private credit’s growth over the last decade. But there appears to be more to the picture — it is less a story of waning investor interest and more about LPs coalescing around the biggest managers in the market.

According to Preqin data, as of 2 January, private credit funds raised a total of $167.12bn in 2024, down from the $217.4bn raised in the previous year. While down, the figures are subject to continuous updates and retroactive revisions (so we’re likely to see an increase).

But market participants told 9fin that whatever the final sum is, it is likely to be below those of the previous two years, with election-driven uncertainty a likely reason the numbers are down.