As we progress through 2025, private capital fundraising continues to navigate a complex and evolving landscape. What began as a gradual slowdown in 2023 has deepened into a sustained recalibration of the market. The global private capital ecosystem today is shaped by heightened selectivity, prolonged fundraising cycles, and a clear shift toward experienced managers with proven resilience.
According to the 2025 Global Private Capital Fundraising Report (SS&C Intralinks | PitchBook), fundraising activity remains subdued. By the end of 2024, the number of closed funds had fallen 45% year-over-year, while total capital raised declined 18%. Elevated interest rates — with U.S. policy rates peaking at 5.3% — combined with muted exit markets to limit liquidity and extend fundraising cycles. The median time to close a fund has stretched to 18 months, as LPs apply greater scrutiny and prioritize managers with strong track records. At the same time, fund sizes continue to consolidate: larger, more established platforms are securing a growing share of commitments, while smaller and emerging managers face headwinds in attracting capital.
A defining feature of today’s environment is the unprecedented stockpile of aging dry powder. By mid-2024, more than 57% of global undeployed capital was older than three years, marking a reflection of the challenges managers face in deploying funds amid macroeconomic uncertainty, elevated valuations in some sectors, and cautious deal making. This accumulation has added further complexity to an already constrained ecosystem.
As the private capital market recalibrates, success is increasingly concentrated among managers who combine experience, discipline, and a deep understanding of today’s challenges. The environment favors firms that can navigate liquidity constraints, deploy capital thoughtfully, and maintain strong, trusted relationships with investors. It is within this landscape that Ackermann Group not only operates but thrives, not as an outlier defying market trends, but as a firm deliberately aligned with what today’s market rewards.
Where many fund managers are working to adjust their strategies to this more selective and cautious climate, Ackermann’s approach was designed from the outset for resilience. Our focus on overlooked, durable sectors, disciplined capital deployment, and right-sized structures with institutional rigor directly reflect the characteristics that LPs are seeking in this new market cycle.
Our capital deployment process is inherently time-sensitive, enabling us to move from commitment to execution in a matter of weeks rather than quarters. This pace is not a recent optimization, but a core feature of how we’ve always operated, ensuring tight linkage between fundraising and deal flow, and avoiding the drag of idle capital that many managers are now confronting. In a climate where aging dry powder has become a systemic issue, our ability to remain lean allows us to sidestep the deployment bottlenecks and maintain consistent momentum.
We’ve also remained deliberate in maintaining a right-sized platform that blends institutional grade governance with the agility of a boutique structure. This balance allows us to offer LPs not only transparency and alignment, but a level of responsiveness that is increasingly rare. In a world where larger platforms often struggle to adjust course quickly or offer tailored visibility, our model delivers clarity and consistency without complexity.
Liquidity and downside protection have never been afterthoughts in our strategy. Rather than depending on traditional exit timelines or market-driven liquidity events, we embed optionality directly into our investment structures. Flexible hold periods, income-generating assets, and pre-structured disposition pathways provide our investors with the confidence that capital is not only being deployed thoughtfully, but also managed with multiple pathways to value realization. This approach offers meaningful downside protection and aligns with the evolving expectations of LPs navigating today’s more constrained capital environment.
AMF Funds II reflects this philosophy in full. With a focus on durable, cash-flowing real estate assets and a deployment model that emphasizes speed, selectivity, and structural flexibility, the fund is designed to meet the moment. It is disciplined in underwriting, opportunistic in sourcing, and highly attuned to the liquidity and transparency LPs now prioritize. Where others are adapting to new realities, AMF Funds II is already aligned. Positioned to deploy with purpose, deliver consistent performance, and stand apart in a competitive fundraising landscape.
