U.S. private equity fundraising volume is reportedly on pace to set a record this year. As $5b+ funds account for more than half of this volume for the first time since 2007, their advisors in particular are likely to benefit. Our research shows that the bulge-bracket outperforms in advising larger sponsors. On the other hand, independents and boutiques hold a relatively low market share with larger sponsors. The current fundraising shift could therefore force independents and boutiques to pursue new coverage strategies: either build new relationships with larger sponsors (difficult without a balance sheet); or gain market share in the already-crowded middle-market.