“The level of bifurcation remains very high,” says Warren Hibbert. “Add to that the fact that there has been a fall in the number of deals completed and hence a sharp build-up of dry powder, it is not surprising to see the market slow down a little. There may still be a chance that funds raised in 2019 will end up exceeding the previous year, but that would be driven by a few very large closes in Q4.”
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