Last year’s somewhat anemic fundraising volume received a shot in the arm in the fourth quarter of 2022 with the closing of Brookfield’s US$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 US$20.5 billion in 2019, according to IREI.Q, Institutional Real Estate, Inc’s fundraising database.

The fourth quarter fundraising volume of US$47.6 billion just surpassed the totals of the second quarter and third quarter figures combined (US$46.1 billion), and it ranks as the second-highest Q4 total behind Q4 2021’s record US$67.01 billion.

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