The past year’s somewhat anemic fundraising volume received a shot in the arm in the fourth quarter with the closing of Brookfield’s $17 billion Brookfield Strategic Real Estate Partners IV, the firm’s largest fundraise ever and the second-largest private equity real estate fund to date, trailing only Blackstone’s Blackstone Real Estate Partners IX, which closed with $20.5 billion in 2019.

The fourth quarter fundraising volume of $47.6 billion, according to Institutional Real Estate, Inc.’s IREI.Q database, just surpassed the totals of the second quarter and third quarter figures combined ($46.1 billion), and it ranks as the second highest fourth quarter total behind fourth quarter 2021’s record $67 billion.

The year-end push helped the 2022 12-month tally reach a respectable total of $124.9 billion, down 24 percent from the 2021 record-setting mark of $160.5 billion, but in line with the previous five-year average of $126.1 billion. In addition, the 2022 t