Despite some claims that first quarter 2020 fundraising activity was impaired by the COVID-19 pandemic, any effects appear to be minimal as first quarter volume of $18.8 billion was on par with recent quarters. In fact, the recent three-month volume exceeded the fourth quarter 2019 total of $15.5 billion, and it was similar to the $19.9 billion and $21.2 billion raised in the third quarter and second quarter of 2019, respectively.

It is true the first quarter 2020 total is dwarfed by the record-setting amount of $63.6 billion that was raised during the year-ago period. However, the two largest real estate mega-funds in history, sponsored by Blackstone and Brookfield, accounted for 53 percent of the total.

Of note, the number of funds closed during the quarter — 22 — marks the lowest total since second quarter 2011, when only 19 funds recorded final closings.

While first quarter fundraising didn’t fall off a cliff due to the pandemic, it will definitely be