Private-equity firms worldwide wrapped up a total of 449 buyout funds last year, down 38% from 722 that closed in 2022 and the lowest number in a decade, according to consulting firm Bain & Co. But despite the smaller number of funds, firms raised 18% more last year, collecting $448 billion, with the average fund bringing in $1.23 billion as investors gravitated to larger, better-known asset managers, according to Bain.