Capital raising for nonlisted real estate in Asia Pacific declined in 2025, diverging from a modest global recovery as global fundraising began to stabilize following a cyclical downturn, according to the latest 2026 Capital Raising Survey, published by ANREV, INREV and NCREIF.
The report shows that global capital raising increased by 12 percent year-over-year to $138 billion, while Asia Pacific capital raising fell by 29 percent to $26 billion. The number of vehicles raising capital in the region also declined significantly, falling by 100 to 159.
Global capital raising remains below its 2021 peak, highlighting a market that is recovering gradually rather than rebounding sharply.
The report highlights a continued period of adjustment in global real estate markets, with higher interest rates, valuation changes and reduced transaction activity contributing to a more cautious investment environment. North America and Europe continue to account for most of the glob
