According to a recent article published by Reuters, a record number of private equity funds were seeking money from investors in the second quarter. However, economic conditions have slowed progress. The number of funds that actually completed fundraising in the second quarter was a record low.

When it comes to tying up their capital for an average of 10 years, investors are getting pickier. At the same time, tighter deal financing has made it difficult for fund managers to deliver large returns. According to the article, some investors, including banks, are leaving private equity altogether, or at least limiting the number of fund managers they work with.

According to data from Preqin, 126 private equity funds reached a final fundraising close in the second quarter. That’s the lowest number since Preqin began collecting data in 2004.