Through the first two quarters of the year, 2021 seemed poised to be a historically bad year for fundraising, but a flurry of closings during the third quarter has changed that.
More than $51 billion of funds were closed during the summer months, according to PEREÂ data. That figure is nearly double the volume seen during Q3 2020 and even more than the $49.6 billion closed in the third quarter of 2019, private real estate’s biggest fundraising year to date.
Notably, this surge of capital did not include any mega-fund closings, as the industry closed the third quarter without notching a single $5 billion-plus fund on the year. Instead, the market saw 16 funds close between $1.2 billion and $4.3 billion as the middle of the market swelled, driving the average fund size this year to a record $599 million.
Total fund closings are still on pace for a record low, with just 193 through three quarters of the year. Underscoring this is a years-long trend toward consolidation in the sector that has continued – even accelerated – during the pandemic.
Check out our interactive report above for a more in-depth analysis of fundraising activity through Q3 2021 – including a special spotlight on the next class of mega-funds.
Download a PDF of the report here and download the data here.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
