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The private real estate market raised its lowest amount of aggregate capital since 2012 as the industry continued to grapple with interest rate hikes, inflationary pressures and geopolitical uncertainty.
A total of $138.83 billion was raised across 309 funds in 2023, a significant drop from the fundraising peak of $236.04 billion across 554 funds in 2021. The only year the private real estate market recorded a lower fundraising total was 2012, when $122.07 billion was garnered across 485 funds.
Despite a challenging fundraising year, real estate heavyweight Blackstone set a new fundraising record by corralling $30.4 billion in April for Blackstone Real Estate Partners X, the 10th fund in the mega manager’s global opportunistic real estate fund series. The fund accounted for 21.8 percent of the total capital raised in 2023.
Meanwhile, there was a meaningful increase in the amount raised by real estate secondaries funds. The percentage committed to the strategy climbed from 0 percent in 2022 to 6 percent in 2023. The majority of the capital came from the closing of Ares Management’s Landmark Real Estate Fund IX and Blackstone’s Strategic Partners Real Estate VIII. Both funds were closed in December last year. Landmark Real Estate Fund IX also shares the record for the largest real estate secondaries fund ever raised with its Fund VIII predecessor, which closed in 2018, according to PERE data.
Meanwhile, real estate managers are currently in the market seeking a total of $413.60 billion. Three of the top 10 funds in market were launched in the last quarter of 2023: Starwood Distressed Opportunity Fund XIII, Fortress Credit Opportunities Fund VI and Cheyne Real Estate Holdings Fund VIII.
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