There was more than $45 billion in net assets under management from defined contribution capital invested in private real estate as of Dec. 31, 2024, according to the 2025 Private Real Estate in Defined Contribution Survey.
It reflects growing interest in private real estate within retirement plans. Dedicated real estate defined contribution vehicles held $37.5 billion of that total. Institutional open-end funds accounted for $7.8 billion in defined contribution (DC) capital.
The survey analyzes DC capital held across both dedicated and institutional fund structures. The findings highlight continued expansion of private real estate options available to DC plan participants. They also illustrate a significant allocation to core and diversified real estate exposure through institutional fund vehicles. Overall, the numbers emphasize the growing role of private real estate in defined contribution portfolios.
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