LPs were, and continued to be, getting restless a full return to form, as indeed many have, but the to re-invest in new funds, driving a challenging aggregate numbers suggest. In reality, this uplift fundraising environment across the board. That completion stretching amid continued uncertainty. pronounced in North America, where headline growth reflects scale rather than breadth, while proliferated, materially inflating total announced Europe's recovery remains more volume-led. At the same time, a significant share of announced volumes. These alone total ~f281bn and drive a significant portion of the YoY uplift. launched, but closure is slower, with several of the