In the ten years that passed between the closing of BC Partners’ ninth and eleventh flagship funds in February 2012 and 2022 respectively, only 9 percent of the initial investors decided to reinvest. The fund placement agents, Sixpoint Partners, report that a healthy reinvestment rate is 70 percent, suggesting a good reinvestment rate for BC Partners across two funds would be around 50 percent. This loss of confidence is also reflected in BC Partners’ inability to hit their fundraising goal for their eleventh fund while their peers shot past their goals by 23 percent on average. While none of the largest 15 funds that closed in 2021 failed to reach their targets, BC Partners would have been an outlier in that group if they hadn’t pushed back their initial 2021 close date. Even with the extra two quarters, they still only hit 62 to 81 percent of their 8.5 billion euro goal for August 2021.