Wealthy individuals cut back on new investments to private equity funds in the first quarter, underlining how worries about valuations and credit quality are spreading across the wider private capital sector.
Two of the biggest firms, KKR and Ares, brought in less money to their evergreen private equity vehicles in the quarter than a year ago, an FT analysis of data from RA Stanger shows, despite intense marketing efforts by the industry.
Data from the investment bank show new commitments to US evergreen private equity or venture capital funds sector-wide fell 2 per cent from the fourth quarter, and were up just 2 per cent on a year earlier. That compared with a 55 per cent year-on-year increase at the start of last year.
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