This slide shows fundraising each year into private equity, private credit, real estate, infrastructure, and natural resources, illustrating the strong growth in closed-end funds. While fundraising bounced back in 2021 after a slight decrease in 2020, it has since declined due to the sticky nature of inflation, higher interest rates, and the record amount of dry powder among firms. 2023 fundraising through the end of May currently sits at $418 billion.