ResearchMonthly Index
The Sassaman Index
Fundraising conditions for emerging private fund managers
September 2026Published Next reading
- Frozen0–20
- Tight20–40
- Balanced40–60
- Favorable60–80 (current)
- 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
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
| Month | Reading | Note |
|---|---|---|
| September 2026 | 66.3 | |
| August 2026 | 67.8 | |
| July 2026 | 71.0 | Backfilled |
| June 2026 | 72.8 | Backfilled |
| May 2026 | 69.2 | Backfilled |
| April 2026 | 64.7 | Backfilled |
| March 2026 | 55.9 | Backfilled |
| February 2026 | 62.6 | Backfilled |
| January 2026 | 61.2 | Backfilled |
| December 2025 | 53.5 | Backfilled |
| November 2025 | 57.4 | Backfilled |
| October 2025 | 54.6 | Backfilled |
| September 2025 | 52.6 | Backfilled |
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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.