In private equity, big is not necessarily better. Smaller buyout funds tend to outperform megafunds, according to Preqin data, albeit with much dispersion. Covering niche strategies and focusing on less combed-over market segments is no bad way to earn a living.
Despite this, the minnows often find it hard to raise new money. One issue is that there is less cash sloshing around overall. Private equity funds worldwide raised $680bn in 2024, down 30 per cent compared with the previous year, according to S&P Global Market Intelligence.
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