Real estate funds raise $30.7B in Q3, lowest since 2013
IREI's recap put the nine-month total at little more than half of 2025's full year, even as more investors wrote larger checks.
At a glance
Real estate funds that closed in the third quarter raised $30.7 billion, the lowest quarterly total since 2013, according to PERE.
Based on IRE.IQ data cited in the recap, more investors wrote checks despite a reduction in allocations to closed-end funds.
The third-quarter equity figures reversed that pattern: dollars fell while the check count rose.
Real estate funds that closed in the third quarter raised $30.7 billion, the lowest quarterly total since 2013, according to PERE. The figure comes from IREI's Signal vs. Noise recap for the week ending Oct. 17.
The first nine months of 2026 total little more than half of 2025's full-year figure, according to the same recap.
Based on IRE.IQ data cited in the recap, more investors wrote checks despite a reduction in allocations to closed-end funds. More of those checks were larger than in the past.
Debt funds this year showed the opposite pattern: closings thinned while sizes held, a shortfall measured in closings rather than dollars, as this publication reported in September.
The third-quarter equity figures reversed that pattern: dollars fell while the check count rose.
EQT and an abandoned property raise
EQT agreed to buy a U.S. manager with about 180 institutional clients, according to the recap, which gives no purchase price and does not name the manager.
A hedge fund walked away from its property fundraising, the recap says; it does not identify the firm or the amount that had been sought.
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