Read our latest analysis on why North America’s fundraising dominance is not the whole story – and what it actually takes to back the right manager in the world’s most competitive capital market.

Our latest newsletter examines a widening divide inside North American private markets. On the surface, capital continues to concentrate in the region’s largest, most established managers. But below the mega-fund end of the market, the picture reverses: US middle-market PE fundraising fell more than 40% in 2025, its weakest year since 2020.

The decline was not spread evenly. Specialist franchises with a clear sector angle continued to find LP support, while generalist funds without a differentiated thesis faced longer timelines and smaller closes. Spinout teams with a portable, demonstrated track record fared better still.

The managers who keep winning capital, in North America or elsewhere, are the ones who can point to capital already returned and a genuinely differentiated position – not simply proximity to the largest LP pools. Home-field advantage buys time, not certainty.

You can read the full Q3 2026 Asante Market Pulse at the link below.