Despite continuing headwinds, a “slow but improving fundraising market” is one of the primary trends reflected in Paul Weiss’ recent survey of fund documents (or offering materials) for more than 50 recently raised PE funds (Surveyed Funds). The Surveyed Funds – mostly based in the U.S. – all had a minimum target fundraising size of $2.5 billion and 70% were raised by the top 100 firms based on PE assets under management. “Notwithstanding the many challenges, there is sustained and growing demand for PE by LPs and, with an improving deal environment, a rebound in fundraising is likely in late 2024,” opined Paul Weiss partner Marco V. Masotti. This article summarizes the key takeaways from the survey results presented in Paul Weiss’ report, as well as further insights provided in an interview with Masotti. For coverage of the previous year’s survey by Paul Weiss, see “How Key PE Fund Terms Are Being Shaped by Current Fundraising Challenges, Liquidity Needs and Distinct Shifts in the Market” (Feb. 9, 2023).