Bottoming out: enter the W-curve

unquote" is not brave enough to call an upturn in the market, but there are increasing signs that it's not far off. This issue alone sees nine funds closed for a total of $22bn: at least two exceeded their targets and one was oversubscribed - very different to the last few issues, where GPs were closing after long, drawn-out fundraises, and below their targets. What makes these different is their scope: half the sum raised is earmarked for secondaries, nearly half for energy (the $9bn First Reserve fund - notable as the one that fell very short of its $12bn target) and 10% for distressed assets