- February 1, 2017: Vol. 29, Number 2

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First look at Q4 2016

by Sheila Hopkins

Fourth quarter 2016 was a better time for fundraising than fourth quarter 2015, but no one would call it spectacular. Capital raised by funds closing in fourth quarter 2016 came in a bit ahead of the same time period in 2015 — $19.3 billion raised in fourth quarter 2016 compared with $18.9 billion during fourth quarter 2015, according to Institutional Real Estate, Inc.’s FundTracker database — with 33 funds reaching final closing in the final quarter of 2015 compared with only 24 in 2016.

Only five mega-funds (those raising $1 billion or more) closed in fourth quarter 2016 — so by default they were the five largest funds to close during that time period. The largest was the $5.6 billion Lone Star Fund X, a global fund focused on debt. This was followed by the $2.2 billion, U.S.-focused Lennar Multifamily Venture fund. Unlike previous years, when mega-funds tended toward a global strategy, these top five funds spanned the geographic spectrum, with g

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