A New Era for Capital Raising
For decades, traditional banks dominated the capital raising landscape – offering debt, syndicated loans, and project finance to fuel expansion. However, as we navigate 2025, a seismic shift is underway. Ultra-high-net-worth individuals (UHNWIs) and family offices are stepping into roles once monopolised by banks and institutional lenders.
Driven by tightening regulation, interest rate pressures, and accelerating financing needs in sectors like AI, healthcare, and sustainability, wealthholders are becoming active capital providers.
This article explores the structural changes transforming global capital markets, explains why UHNW investors now lead capital raising, and showcases how Jura Capital emerges as a refined connector in this evolving ecosystem.
The Structural Constraints Facing Banks
Regulatory Overhang
The rules established post-2008 – particularly Basel III and Basel IV – have pushed banks to bolster capital reserves and lower risk appetite. Lending to fast-growth firms is increasingly deprioritised.
Elevated Cost of Capital
Persistently high interest rates make debt cost-prohibitive. Businesses with predictable cash flows find bank credit expensive, prompting a search for more flexible financing sources.
Narrowed Lending Criteria
Banks increasingly favour blue-chip borrowers. Despite strong growth potential, mid-market and early-stage enterprises struggle to secure traditional bank funding.
Why UHNW Investors Are Now the Go-To Capital Providers
Flexible and Agile Financing
UHNW investors can move quickly, offering bespoke terms with limited red tape. This agility is winning capital raising mandates in real time.
Control without Dilution
For founders and firms wary of conceding control, wealth-led debt solutions – such as direct lending or specialised structured finance – offer capital without diluting ownership.
Long-Term Vision
With fewer regulatory constraints, UHNW investors can be patient-capital, tolerating hold periods that would unsettle institutional players.
Key Private Capital Structures Shaping Fundraising
Private Credit & Direct Lending
Private credit has surged from a niche to a mainstream market – upwards of $1.5 trillion by 2024 – expected to reach nearly $3.5 trillion by 2028 [1]. It now serves as an essential resource for businesses that banks overlook.
NAV Lending
NAV-based lending allows fund managers to unlock liquidity without selling underlying assets. Growing at tens of billions annually, it enables UHNW co-investment in refinancing strategies.
Venture Debt
Steady growth in venture debt – without diluting equity – makes it an appealing tool for late-stage tech firms seeking capital for expansion.
Evergreen & Interval Funds
These investment vehicles combine private market yields with flexible liquidity. Evergreen fund inflows in Europe alone surged to €24 billion in 2024 [2].
Global Examples of HNW-Led Capital Raising
AI Infrastructure
Data centre and AI-driven infrastructure projects demand capital into the billions. UHNW-backed financing is stepping in where traditional lenders hesitate.
Healthcare & Biomanufacturing
Contract manufacturers and outpatient providers have secured capital via private investors when banks hesitated over industry risks.
Energy Transition
Developers in Southeast Asia and Latin America, for example, well-supported by UHNW capital through syndicated credit, overcame high sovereign risk that deterred banks.
Institutional Players Join the Shift
Major funds and hedge groups are activating private credit strategies:
- Hedge funds such as Millennium and Point72 now run private credit desks [3].
- Apollo plans to manage $1.2 trillion in private loans by 2029 [4].
- Citi and Apollo formed a joint $25 billion credit fund [5].
This convergence reinforces UHNWIs’ legitimacy in the space.
The Surge of UHNW Participation
In H1 2025 alone, UHNW investors allocated an estimated $48 billion to private credit – surpassing any full-year figure previously recorded [6].
Family offices are no longer passive backers; they are sources of anchored capital and financiers of record in landmark deals.
Benefits to Businesses & Investors
For Businesses
- Access to flexible, non-bank financing models
- Speedy executions tailored to growth trajectories
- Structuring aimed at preserving equity and control
For UHNW Investors
- Enhanced yield vis-à-vis fixed income
- Access to exclusive, direct capital raising opportunities
- Portfolio diversification across sectors and geographies
How Jura Capital Facilitates the Shift
Jura Capital stands out by bridging the gap between UHNW capital and firms requiring sophisticated funding.
- For corporates, Jura structures solutions like direct credit, NAV lending, and bespoke debt non-reliant on bank standards.
- For investors, Jura sources, vets, and provides access to curated capital raising opportunities, ensuring alignment and clarity.
Through this positioning, Jura becomes not just an introducer, but a trusted partner in a market where sophistication and discretion matter.
FAQs: UHNW Capital Raising Trends
Why aren’t banks meeting modern capital demands?
Strict regulation, cost pressures, and risk aversion limit their ability to support growth.
How big is private credit today?
From $1 trillion in 2020, the sector grew to $1.5 trillion by 2024 and could expand to $3.5 trillion by 2028 [1].
What makes NAV lending appealing?
It provides liquidity without asset disposal – valuable for funds seeking optionality.
Are venture debt and evergreen funds mainstream?
Yes. Venture debt is scaling rapidly, and evergreen structures are gaining traction for their liquidity flexibility.
Why engage Jura Capital?
Jura offers UHNWIs access to premium opportunities and covers bespoke structuring for robust businesses.
2025 marks a pivotal shift in capital raising. Banks are no longer the source of first resort. Instead, UHNW investors and family offices – with agility, capital, and vision – are filling the void.
This trend reforms the market, offering smarter, more bespoke financing options. Jura Capital, with its refined offering and deep network, is ideally positioned to lead clients through this sophisticated new era.
References
- Private Credit Outlook 2025: Opportunity & Growth, Morgan Stanley.
https://www.morganstanley.com/ideas/private-credit-outlook-considerations - Evergreen Funds Surge in Europe, Financial Times.
https://www.ft.com/content/0b3cd961-f748-4c0b-8298-e9329820e244 - Hedge Funds Push Into Private Credit, Financial Times.
https://www.ft.com/content/944ac38c-8cf7-4877-aba6-0ae4641266f7 - Apollo Seeks $1.2T Private Loan AUM by 2029, Business Insider.
https://www.businessinsider.com/apollo-global-management-investor-day-presentation-one-trillion-private-lending-2024-10 - Citi and Apollo’s $25B Credit Partnership, MarketWatch.
https://www.marketwatch.com/story/citi-teaming-up-with-apollo-to-handle-25-billion-in-private-credit-investments-999cdedf - Affluent Investors Pour $48B into Private Credit, Financial Times.
https://www.ft.com/content/0b3cd961-f748-4c0b-8298-e9329820e244
