Despite the outbreak of the COVID-19 pandemic, global real estate investment managers raised at least €123 billion ($150.7 billion) of new capital for nonlisted real estate in 2020, according to the Capital Raising Survey 2021 published by ANREV, INREV and NCREIF.
Total capital raised in 2020 fell relative to the record high of €196 billion ($220.3 billion) attained in 2019, however, largely as a consequence of the pandemic. Nearly a third of managers said they hadn’t raised any new capital in 2020, with many citing a lack of available product as the main reason. The number of vehicles raising capital also dropped year-on-year from a record 982 in 2019 to 699 in 2020.
Despite this slowdown, on average the capital raised by individual vehicles was higher than in 2019 except for those with a North American regional strategy. Similarly, investment activity remained robust, with 52 percent of capital raised in 2020 already deployed. Furthermore, 76 percent of investm
