First quarter private equity fundraising followed last year’s pace with $91 billion raised across 97 funds, according to PEI data. Growth equity strategies are thriving, and these funds posted the best first quarter in the PEI data set. The recent PEI update again underscored a secular theme for private funds and their lenders: scale matters. The ten largest funds seek to raise $126 billion in 2019. The concentration of capital at top sponsors appears to be driving consolidation (e.g., the Brookfield-Oaktree tie-up announced in March) and remains a key strategic consideration for lenders.