VC survey: GenAI, geopolitics, and growth

• Overall fundraising is down 37% in the last 12 months at these seven mega-firms, or about $425 billion in aggregate versus $675 billion in the 12 months ending Q3 2022.

• Private credit is raising money faster than it can issue: A total of $194 billion has been deployed over the last 12 months versus $238 billion in capital raised.

• GP strategic acquirers and stake investors moved to the sidelines in Q3 with just 18 deals involving alt managers. Infrastructure managers were in demand, as seen in deals targeting Stonepeak and Energy Capital Partners.

• Insurance continues to expand as a key client segment and source of perpetual capital, accounting for ~25-50% of TTM inflows for the "Big 3" of Blackstone, Apollo, and KKR. Blackstone has set up a new dedicated insurance segment that includes corporate and real estate credit ($370 billion in combined AUM) and this week KKR bought the remaining stake in insurer Global Atlantic for $2.7 billion, moving all of its $145 billion in AUM into the fold.

• One down and six to go? Blackstone finally broke into the S&P 500 index membership in September. There are three traditional asset managers in the index: BlackRock, T. Rowe, and Franklin Templeton, all have $10 billion or more in market cap. The next six alternative asset managers all exceed $10 billion in size.

For more data and analysis, download the free report: US Public PE and GP Deal Roundup