Private Debt Q2 2025: Preqin Quarterly Update

Increased allocations to funds of funds a bright spot in an otherwise softer quarter for private debt fundraising, while stabilization of funds in market suggests GPs confident of demand

• Private debt fundraising at lowest level since 2020 – likely a pause due to policy volatility 

• Funds of funds see strong fundraising, pointing to increased role of private wealth channel 

• After a significant fall in Q1, funds in market stabilizes