According to a new report from Preqin, 2017 was a record year for private debt fundraising, as a combined $107 billion was raised by 136 vehicles. North America saw the most activity, with 75 funds focused on the region raising a total of $67 billion.

Preqin expects these figures to rise by up to 10% as more information becomes available, going beyond the previous record of $100 billion set in 2015. This was primarily driven by direct lending funds: 61 funds employing  this strategy secured a total of $54 billion, significantly above the $38 billion raised in 2015, the previous high.

By contrast, just 14 distressed debt funds closed through the year, raising an aggregate $23 billion. This is the lowest number of vehicles closed for the debt type since 2014. According to Preqin, private debt funds that closed in 2017 also tended to see faster fundraising processes, and have experienced greater success in their efforts.

Click here to read the report in its entirety at Preqin.com