The figure shattered the all-time records set in 2016.

Pitchbook data reveals that private equity firms shattered fundraising records last year as investors seek alternatives to traditional markets. A new report shows that PE shops raised more than $300 million last year. That figure is 52% higher than the $198 billion raised in 2018. It also shatters the previous record of $241 billion from 2016, Pitchbook says.

The news isn’t surprising. We reported in November that funds had already topped the record by that month. Looking ahead, however, this figure will be hard to top.

Pitchbook Data on Private Equity Funding

According to the report, private equity firms are doing more than just raising money for flagship funds every two to three years. The industry has seen an uptick in specialized strategies that focus on specific sectors, countries, and types of deals like growth equity and distressed debt.

In addition, institutional investors and sovereign wealth funds are increasingly turning to PE in the era of low-interest rates.

Today, dry powder sits at roughly $1.5 trillion, a figure that surpasses the GDP of all but 12 nations. That has left an incredible amount of money chasing fewer and fewer deals. In addition, it stands to stretch valuations and potentially create new headaches in the future.

Related: The Private Equity Dilemma: There’s Simply Too Much Money on the Sidelines