Capital raising for nonlisted real estate in Asia Pacific declined in 2025, diverging from a modest global recovery, as global fundraising began to stabilise following a cyclical downturn, according to the latest 2026 Capital Raising Survey by ANREV, INREV and NCREIF.
The report shows global capital raising increased by 12 percent year-on-year to US$138 billion, while Asia Pacific capital raising fell by 29 percent to US$26 billion. The number of vehicles raising capital in the region also declined significantly (from 259 to 159). Global capital raising remains below its 2021 peak, highlighting a market that is recovering gradually rather than rebounding sharply.
Capital raising remains selective amid market adjustment
The report highlights a continued
