Private equity funds closed in 2019 raised almost $600bn. This is the fourth year in a row to surpass half a trillion dollars, and the $595bn secured is the third-highest total on record, surpassed only by 2017 and 2018. Dealmaking was also strong, despite declining slightly from the previous year. 2019 saw $393bn in buyout deals and $224bn in venture capital deals announced, compared to $493bn and $271bn respectively in 2018. This was boosted in part by sky-high valuations, which saw the average buyout deal size hit a 10-year high of $490mn.