More than 200 private debt funds closed in each year from 2015 to 2018. But 2019 fundraising lagged, and at the end of the year just 152 funds have reached a final close, said Preqin.

Fundraising has also dropped to $107bn, the lowest annual total since 2015. Lower fundraising means dry powder dropped from $292bn at the end of 2018 to $261bn a year later.

Despi