NEW YORK, April 03, 2025–(BUSINESS WIRE)–Seward & Kissel LLP, a leading financial services-focused law firm, announced the publication of its first-ever Closed-End Fund Study, highlighting key terms and trends among private equity, private credit and growth equity managers. The Study’s release coincides with the firm’s 75th anniversary of forming its first private fund, highlighting the evolution of the firm and the exceptional growth of the firm’s closed-end practice, especially over the last decade.
“This Study reflects the evolution of our private fund practice and industry presence,” said Kevin Neubauer, partner and co-head of the firm’s Investment Management Group. “We’ve witnessed firsthand the increasing demand for sophisticated fund structures and for tailored solutions to address LP needs, as highlighted in the Study.”
The Study includes more than 75 select funds that the firm has advised over the last two years, ranging from first-generation vintage through seventh generation vintages. Key findings of the Seward & Kissel Closed-End Fund Study include:
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Private credit funds are a sizeable segment of the market. 31% of the funds studied pursue private credit strategies, reflecting Seward & Kissel’s robust private credit practice.
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“Being smart and innovative are the two key traits of private credit managers that are differentiating their capabilities in an increasingly crowded field. These are exactly the traits that LPs want in their alternative allocations. We are also seeing market volatility benefit private credit strategies, particularly distressed strategies,” said Investment Management partner Kevin Cassidy, contributing author of the Study.
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Capital trends vary significantly by fund vintage. First-generation funds on average targeted $450 million as their initial capital raise, with later-generation funds averaging $2 billion. The minimum capital commitment was highest for private credit strategies, at an average of $4.3 million.
