A total of 28 private equity real estate funds recorded final closings during fourth quarter 2015, raising an aggregate total of $14.7 billion, according to IREI’s FundTracker database. This represents a dramatic drop-off from fourth quarter 2014, when 35 funds raised a total of $26.2 billion. Overall, however, the 122 funds closed in 2015 continued the upward trend of yearly fund closings, as six more funds closed in 2015 than 2014. The fourth quarter 2015 total capital raised is also much lower than that raised in 2014, but again, at the end of the year, 2015 broke through the $100 billion barrier, with a total of $101.4 billion raised compared to 2014’s total $92.6 billion.

The 2015 total was primarily driven by fund closings in the first half of the year. The first two quarters saw 71 funds close with an aggregate total of $61.9 billion. This compares to 51 funds closed in the second half with a total of $39.5 billion.

Average fund size has also c