After a tepid 2020, US PE fundraising rebounded in the first quarter of 2021, although much of the value was attributable to three outsized fundraises. Additional PE mega-funds currently in the market or launching soon virtually guarantee strong fundraising numbers by year-end. In the race to achieve outsized returns in high-multiple environments, managers raised additional growth-targeted capital, and a rising number of firms are marketing themselves as sector specialists. Finally, emerging managers will likely raise more capital in 2021 than in 2020, especially as LPs grow increasingly accustomed to remotely performing due diligence on prospective commitments.
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