The INREV/ANREV/NCREIF 2025 Capital Raising Survey reveals that a minimum of €118 billion ($134 billion) of new capital for investment into nonlisted real estate was raised in 2024 — only slightly up on the €117 billion ($133 billion) reported in 2023. However, there are indications that the markets are moving favorably, as 40 percent of the total capital raised in 2024 is already invested. This is a significant jump from only 16 percent in 2023, up from €18 billion to €48 billion ($20 billion to $55 billion). Managers who control the post-2020 vehicle vintages look to be making good progress in deploying capital that had been committed. This shift is a direct function of gradual market recovery and the recent uptick in transactional activity.
The survey finds that Asia Pacific has become a substantially bigger player both as a source of capital and as a region to invest in. Capital raised for European strategies remained steady at just under €29 billion
