Private equity firms worldwide pulled in a near record amount of capital during the first quarter amid the spreading coronavirus outbreak and government-mandated shutdowns. But fundraising experts say that the momentum will be short lived.

Investors pledged about $132.2bn to private equity funds globally during the just-ended quarter, or around 11.5% more than the $118.6bn collected by the industry in the same period of last year, data from Preqin shows. The most recent total trails by just 1.6% the near-record of $134.4bn reached in the first quarter of 2017, a year when industry fundraising peaked at $628bn, according to Preqin data.