ResearchMonthly Index

The Sassaman Index

Fundraising conditions for emerging private fund managers

  1. Frozen0–20
  2. Tight20–40
  3. Balanced40–60
  4. Favorable60–80 (current)
  5. Hot80–100
Index reading
66.3
Condition
Favorable
Change from August
−1.5
Change over twelve months
+13.7
Methodology
Version 1.0.0

Commentary

What moved

The Index eased to 66.3 in September from 67.8 in August, its sixth consecutive month in the Favorable band. Tighter credit largely offset higher short-term rates: the Moody's Baa corporate spread averaged 1.48 percentage points, down from 1.63, lifting credit conditions to 90 from 73, while the 2-year Treasury yield averaged 4.65%, up from 4.22%, lowering the rate component to 33. Emerging managers' share of new funds was the largest drag.

Where it stands

Fund launches remain well above a year ago. In the six months through September, 505 first funds came to market, up 23% from 409 a year earlier, and 467 second and third funds launched, up 17%. Established managers grew faster, with total new fund launches up 34%, so emerging managers' share of new funds slipped to about 35% from 39% a year earlier. Launches in September alone were in line with September 2025. One in five months since 2014 has read higher.

What to watch

Short-term rates continue to rise. The effective federal funds rate averaged 3.75% in September, up from 3.63% in August, and the 2-year Treasury yield has averaged 4.82% so far in October. The October reading, due November 3, will show whether the pace of first-time fund launches holds as borrowing costs move higher.

Index history

+13.7 since Sep 2025 (one year)

Dashed line: readings before August 2026 are backfilled using the current methodology and were not published in real time.

View data table
Sassaman Index readings by month
MonthReadingNote
September 202666.3
August 202667.8
July 202671.0Backfilled
June 202672.8Backfilled
May 202669.2Backfilled
April 202664.7Backfilled
March 202655.9Backfilled
February 202662.6Backfilled
January 202661.2Backfilled
December 202553.5Backfilled
November 202557.4Backfilled
October 202554.6Backfilled
September 202552.6Backfilled