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With only three months left in the year, 2023 is on track to close with the lowest annual fundraising total since 2012.
Only $92.8 billion was raised across 139 funds in Q1-Q3 2023, representing a significant drop from the $150.4 billion raised in the same period last year. With $63.4 billion garnered in Q4 last year, the total fundraising amount for 2022 came in at $213.8 billion.
Only one of the top 10 funds closes in 2023 happened in Q3- the $3 billion PIMCO Commercial Real Estate Debt Fund II. At the same time, none of the top 10 funds in market from PERE’s H1 fundraising report closed during the quarter. These included Brookfield Strategic Real Estate Partners V and three funds from Blackstone, with the two managers seeking an aggregate of $42.6 billion across the four vehicles.
Multifamily continued to overtake industrial in terms of both the amount of capital raised and the number of funds closed for sector-specific strategies. While multifamily accounted for 56.7 percent of the total capital raised for sector-specific strategies, industrial only took up 36.9 percent of the total.
Unless a significant amount of capital is raised in the remaining quarter of 2023, the fundraising total for the private equity real estate market will continue to drop from the last peak in 2021, when a total of $226.6 billion was raised.
Check out our interactive report for a more extensive analysis of Q3 2023’s fundraising figures, including the most popular strategies and the largest funds in the market.
Download the data here.
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