Real estate fund fundraising falls to one of its lowest levels in years

Closed-end real estate funds raised $81.7 billion in the first half of 2026, the third-lowest half-year total in more than a decade, according to S&P Global’s With Intelligence. Overall fundraising fell 5% from a year earlier, while the number of funds reaching final close dropped 60% to 95.

The 276 funds launched in the period sought $74.3 billion, the lowest target since 2017. Investors concentrated 40% of targeted capital among the 10 largest funds, while 78% of launched funds focused on higher-risk value-add and opportunistic strategies. The report cited geopolitical volatility, economic uncertainty and high borrowing costs as pressures on fundraising.

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