PERE Research & Analytics have revealed that 165 private real estate funds have held a final close so far in 2013, raising $69.6 billion. Lone Star Fund VIII, Brookfield Strategic Real Estate Partners and Starwood Distressed Opportunity Fund IX are the top three funds to have closed in 2013 to date, which were all raised by North American managers. During the same period in 2012, 167 funds closed but collected only $56.8 billion.
49 funds held a final close in the third quarter of 2013, raising a total of $26.6 billion. Seven funds collected over $1 billion with Brookfield Strategic Real Estate Partners the largest fund to close in the quarter. The opportunistic fund, investing globally, raised $900 million more than its initial target of $3.5 billion.
More than $27 billion needs to be raised in the final quarter of 2013 to surpass the 2012 aggregate figure of $95.6 billion. 14 percent of the total capital raised in 2012 came in the fourth quarter when the largest private real estate fund ever – Blackstone Real Estate Partners VII – closed on $13.39 billion.