At a glance
- Credit fundraising dropped 48% through September; hard-asset fundraising rose 39%.
- Advisors now face different due-diligence questions: one in six funds surveyed by the Alternative Credit Council report non-accrual rates above 5%, while hard-asset investments hinge on permits and power contracts.
- Private credit assets climbed 17% to $4.1 trillion, the Alternative Credit Council reported on Oct. 22, even as new fundraising fell by nearly half.
Hard assets outraised private credit by $5.3 billion in the third quarter, while total alternative fundraising fell 14% to $134.4 billion through September, Stanger reports.
Credit fundraising dropped 48% through September; hard-asset fundraising rose 39%. The $5.3 billion edge is a third-quarter figure, while the two percentage moves are measured through September, so the windows overlap but are not identical.
Private credit fundraising fell 48% while hard assets rose 39%
Change in alternative fundraising through September
- Inflow / above zero
- Outflow / below zero
Show as table
| Label | Value (%) |
|---|---|
| All alternatives | −14% |
| Private credit | −48% |
| Hard assets | 39% |
| Stanger measure | Change | Level or gap |
|---|---|---|
| Alternative fundraising, through September | -14% | $134.4 billion |
| Private credit fundraising | -48% | Fell by nearly half |
| Hard-asset fundraising | +39% | Grew by more than a third |
| Hard assets vs. private credit | n/a | Hard assets outraised credit by $5.3 billion in the third quarter |
Advisors now face different due-diligence questions: one in six funds surveyed by the Alternative Credit Council report non-accrual rates above 5%, while hard-asset investments hinge on permits and power contracts. Those terms are set deal by deal rather than at the asset-class level.
Private credit assets climbed 17% to $4.1 trillion, the Alternative Credit Council reported on Oct. 22, even as new fundraising fell by nearly half. Assets under management include capital raised in earlier years and carried at updated valuations; fundraising counts commitments signed in the period.
Northwind closed its $1 billion NDF III at twice its $500 million target, the largest fund in its history, Connect CRE reported.
NextEra secured $5.7 billion for three federal energy hubs in Texas and Pennsylvania, with up to 10 GW of gas-fired generation and completion slated for 2032. The transaction sits outside Stanger's totals, which track fund commitments rather than project finance.
Reported by PWD Editors from Stanger, Alternative Credit Council, Connect CRE, Trepp, DCD, NMHC, Stanger, Fitch, Commercial Observer, Canary Media, Financial Times and Institutional Asset Manager. Published . Updated Oct 26, 2026 · 10:12 a.m. ET. Corrections