Fundraising
Fundraising Insights
How institutional capital actually moves. These articles cover LP behavior, fund timeline mechanics, placement agent dynamics, and the infrastructure behind successful raises. Drawn from 100+ fundraising programs across fund sizes from $50M to $2B+.
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More research: Deal Origination · Sell-Side Advisory · Leadership · PE Glossary
12 Is the New 5: Why Operational Value Creation Replaced Financial Engineering in Private Equity
Bain's 2026 outlook calls it 12 is the new 5: GPs now need 12x operational improvement to offset lost debt capacity. How KKR, Blackstone, Apollo, and Bain Capital are rebuilding the playbook around AI, data, and day-one operating teams.
Jeff Baehr · May 2026
The Last PE Vintage With Median DPI Above 1x Was 2016: What the Distribution Drought Means for Fund Managers
Median DPI for PE vintages 2017 through 2023 has never crossed 1x. Hold periods have stretched to 6.4 years, GP-to-GP secondaries now drive 61% of exit value, and LPs are asking one question on every re-up call: when do I get my money back.
Stephen Frangione · May 2026
Multiple Expansion Is Dead: How PE Returns Inverted Between 2022 and 2026
Between 2010 and 2022, multiple expansion and leverage produced 59% of PE returns. Both contributors collapsed by 2023. The new composition: revenue growth 54%, multiple expansion 32%, margin 14%. The underwriting still assumes the old math.
Jeff Baehr · May 2026
Why Most Fund I Managers Lose the LP Meeting in the First 20 Minutes
First-time PE and VC fund managers are getting screened out faster than ever. LPs aren't buying track record claims anymore. They're underwriting team cohesion, operational readiness, and the reason this team had to leave their prior platform to raise this strategy.
Stephen Frangione · May 2026
AI Vendors Stopped Competing on Models. They're Competing for the PE Portfolio.
The Anthropic-Blackstone-Goldman commercial relationship isn't about model access. It's about who controls the integration layer into the companies that will actually rebuild workflows around AI. PE-backed companies adopt paid AI tools at 59% vs 41% for the broader market.
Jeff Baehr · May 2026
KKR's $23 Billion Close Is a Warning Sign, Not a Victory Lap
KKR closed $23B for North America Fund XIV, the largest North America-focused PE vehicle ever raised. Through February 2025, only 81 PE funds closed total. The bifurcation between megafunds and everyone else is the real story behind the headline.
Stephen Frangione · May 2026
Blackstone N1 Isn't a Venture Arm. It's an Operating System for the Portfolio.
Blackstone's new West Coast AI unit, N1, isn't hunting unicorns. It's installing the operational nervous system that replicates AI playbooks across the portfolio. Blackstone's internal data science work has driven $200M in bottom-line impact across portfolio companies.
Jeff Baehr · May 2026
Thoma Bravo, Medallia, and What a $6.4 Billion Markdown Says About the 2020-21 Software Vintage
Thoma Bravo is reportedly handing Medallia to its creditors, three years after a $6.4B take-private. When a top-tier software sponsor walks away from a recognized enterprise platform, the math on a generation of PE-backed software deals deserves attention.
Jeff Baehr · May 2026
$39 Billion Into Secondaries in Q1 2026: Why Mid-Market GPs Need Different LP Infrastructure
Secondaries fundraising hit $39B in Q1 2026, the second-strongest first quarter on record, while primary PE fundraising bifurcated. GP-led secondaries and continuation vehicles are now the primary liquidity tool for mid-market. The LP outreach playbook has to match.
Stephen Frangione · May 2026
The Top 25 Managers Now Capture 40% of PE Commitments. The Other 6,000 Are Fighting Over the Rest.
The top 25 PE managers globally now capture more than 40% of total commitments, up from roughly 30% five years ago. Fundraising timelines for funds outside the top quartile have stretched to 18-21 months. The squeeze isn't deployment speed. It's upstream LP capacity.
Stephen Frangione · May 2026
33% of AI Capital Went to Four Companies. What That Does to PE Valuation Discipline.
Roughly a third of all AI-focused venture and growth capital deployed in the past 18 months went to four foundation model companies. Late-stage funds marking AI portfolio companies at 28x ARR are using comp sets that don't survive scrutiny.
Jeff Baehr · May 2026
The Mid-Market's Real Competitor Isn't Another Mid-Market Fund. It's a Sleeve Inside a $20B Platform.
26North raised $6 billion in 2025 while 25% of LPs cut their PE allocations. The numbers aren't in tension. The largest GPs have become multi-strategy platforms that absorb capital LPs used to spread across five mid-market relationships.
Jeff Baehr · May 2026
Why 2026 Could Be a Banner PE Vintage (And Why Most LPs Will Miss It)
DPI for 2019-2023 vintages is the lowest on record. Mid-market fundraising is harder than it has been in a decade. Entry multiples in the lower-mid market have compressed 1-3 turns from 2021 peaks. Every major liquidity crunch in PE history has been followed by a strong vintage.
Jeff Baehr · May 2026
Anthropic Is Building Vertical Industry Products Behind Closed Doors. Investors Are Looking the Wrong Way.
While investors fixate on when Anthropic releases Mythos, the firm is already deploying that capability internally to build vertical industry products. Legal tech was first. Insurance underwriting, clinical trials, and accounting are next. The model layer is becoming the product layer.
Jeff Baehr · May 2026
Q1 2026 Capital Markets Look Like a Recovery. Strip Out Four AI Rounds and They Aren't.
Q1 2026 venture and PE fundraising headlines suggested recovery. 80% of Series B+ venture dollars went to AI-native companies. Four AI rounds absorbed $188B. Median non-AI round sizes dropped 25%. The middle of the market is in a different reality than the headlines suggest.
Jeff Baehr · May 2026
The Blind-Pool Fund Is Becoming a Risky Asset. LPs Want the Thesis on the Table First.
Capital is still flowing at scale, but not into generic blind-pool vehicles. LPs are increasingly asking for the deal-level thesis, the playbook, and the operator before committing. Independent sponsors, co-investment, and secondaries shops are absorbing the share.
Stephen Frangione · May 2026
LPs Are Chasing Co-Investments to Dodge Fees. They're Locking Themselves Into Mega-Fund Ecosystems Instead.
Adams Street's 6th co-investment fund closed at $2.5B, up 47% from $1.7B three years prior. LPs want direct ownership without management fees and carry. The fee arbitrage is real, but co-investments are gated. The deeper a LP goes into one platform, the harder it is to leave.
Stephen Frangione · May 2026
Fund I Managers Outperform Mega-Funds. They Get 80% Less Capital. The Gap Isn't a Market Inefficiency.
Colibrí's analysis of 2,471 US venture funds from 2000-2024 confirms what LPs quietly know: first-time and early fund managers consistently deliver better returns than mega-funds. They receive roughly 80% less capital. The gap is path dependence, not pricing failure.
Stephen Frangione · May 2026
How Emerging GPs Actually Close Capital in 2026: A Practical Playbook
Half of all PE capital raised in 2025 went to ten firms. For emerging managers, awareness of this isn't a strategy. The playbook that closes capital in 2026 looks nothing like the 2018 institutional outreach approach. Specific moves that work.
Stephen Frangione · May 2026
OpenAI's 17.5% Return Floor for PE Isn't an Investment Product. It's Customer Acquisition Cost.
OpenAI is reportedly negotiating a $10B JV with TPG, Bain Capital, Advent, and Brookfield with a guaranteed 17.5% annual return floor. The structure looks like preferred equity. It functions as a distribution deal dressed in equity packaging.
Jeff Baehr · May 2026
Private Equity in 401(k) Plans: What the DOL Rule Means for Fund Managers
The DOL proposed opening $10.1T in 401(k) assets to private equity. 1% allocation means $101B in new capital. What fund managers need to know about timing, structure, and risk.
Jeff Baehr · Apr 2026
What Is a Placement Agent? Fees, Process, and When to Hire One
Placement agents charge 1.5-2.5% success fees to raise PE capital. Here's how they work, what they cost, and when hiring one actually makes sense.
Jeff Baehr · Mar 2026
LP Database Guide: Choosing the Right Investor Intelligence for PE Fundraising
LP databases range from $12K to $81K/year. Preqin, Dakota, PitchBook, FINTRX, and Altss compared by pricing, coverage, and what they actually miss.
Jeff Baehr · Mar 2026
PE Fundraising: The Complete Guide to Raising a Private Equity Fund
PE fundraising now averages 26 months to close. Only 327 US funds closed in 2024. Here's the full process, timeline, materials, and what actually compresses it.
Jeff Baehr · Mar 2026
Private Equity Marketing: How PE Firms Win LPs
72% of LPs cite poor communication as the top reason they don't re-up. PE marketing isn't branding. It's operational discipline that drives capital commitments.
Jeff Baehr · Mar 2026
Fund Marketing: The Operational Playbook
Fund marketing isn't a pitch deck and a prayer. The mechanics of LP segmentation, materials, compliance, and outreach channels that actually close commitments.
Jeff Baehr · Mar 2026
Capital Introduction: What It Is and When It Works
Capital introduction services generate LP meetings, not commitments. No retainer, no success fee, no accountability. Here's when cap intro works and when it doesn't.
Jeff Baehr · Mar 2026
Fund Formation: Structure, Timeline, and Costs
Fund formation costs $150K-$500K and takes 3-6 months. Delaware LP, Cayman feeder, GP entity, fund admin, auditor. The complete mechanics for first-time managers.
Jeff Baehr · Mar 2026
Investor Relations in Private Equity: What IR Does
PE investor relations manages LP communication, quarterly reporting, and re-up campaigns. A full-time IR hire costs $260K-$490K loaded. Here's what the function covers.
Jeff Baehr · Mar 2026
Top Placement Agents for PE Fundraising
The 12 largest placement agents ranked by capital raised. Park Hill, Evercore, Campbell Lutyens, Eaton Partners. Fee structures, fund sizes served, and the platform alternative.
Jeff Baehr · Mar 2026
Co-Investment and SPV Fundraising Strategy for 2026
Co-investment fundraising and SPV fundraising are replacing blind-pool capital. How GPs are raising deal-by-deal in 2026, with structures, fees, and LP demand data.
Jeff Baehr · Mar 2026
How Family Offices Allocate to Private Markets in 2026
Average 46% allocation to alternatives across 200+ offices surveyed. PE, real estate, credit, and venture splits by office size. Commitment sizes and cycle lengths included.
Stephen Frangione · Mar 2026
What LPs Actually Want in 2026: DPI, Transparency, and the Death of Paper Returns
LPs in 2026 care about DPI, fee transparency, and realized returns. Paper markups don't cut it anymore. Praxis Rock's capital intelligence platform analyzes institutional allocator behavior from primary sources to identify what LPs actually evaluate when committing to new funds. Based on 100+ fundraising programs and $1.5B+ capital facilitated.
Stephen Frangione · Feb 2026
Placement Agents vs. Systematic Fundraising Advisory
Placement agents charge success fees and keep the LP relationships. Systematic fundraising advisory through Praxis Rock's capital intelligence platform builds investor intelligence under your brand, flat retainer, full data transfer. Here's how they compare across cost, control, and outcomes.
Stephen Frangione · Feb 2026
How Long Does It Actually Take to Raise a Fund in 2026?
Median close: 14 months for Fund III and above. First-time funds average 18 to 22 months. Timeline data from 150+ closes, broken down by fund size and strategy.
Stephen Frangione · Feb 2026
Fractional Investor Relations: The Next Operating Lever in Private Equity
Fractional IR gives PE portfolio companies institutional-grade LP communication without full-time overhead. Praxis Rock's capital intelligence platform powers fractional IR programs with primary-source investor intelligence and outreach infrastructure. Flat retainer.
Genine Fallon · Sep 2025
The infrastructure exists. The systems are running. The question is whether they are running for you.
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