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Investors - AUGUST 13, 2014

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Investors go big: 12 megafunds account for 67 percent of first-half fundraising total

by Larry Gray

Institutional capital continues to favor large real estate funds sponsored by proven investment managers. Funds that closed during the first half of 2014 totaled $39.4 billion, according to the Institutional Real Estate FundTracker database. Of that first-half total, 12 mega-funds ($1 billion plus) accounted for 67 percent — $26.6 billion — of the equity raised.

The largest fund to close during the first half of the year was The Blackstone Group’s Blackstone Real Estate Partners Europe IV, which topped $7 billion. Runners-up included PIMCO’s Bank Recapitalization and Value Opportunities Fund II ($5.5 billion), GI Partners’ GI Partners Fund IV ($2 billion) and Kildare Partners Kildare European Partners I ($2 billion).

The good news for investment managers sponsoring smaller and medium-sized funds is th

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