Following a fundraising surge that posted a record-setting third quarter total of $40.8 billion, fourth quarter 2021 raised $64.8 billion, the highest fourth quarter total ever recorded, according to the IREI.Q database. In addition to being a record-setting fourth quarter total, the amount raised is also the second-highest quarterly total ever, just behind the mark of $66.6 billion recorded in first quarter 2019.

During the past year, fundraising volume has been healthy despite the COVID-19 pandemic. Some 39 private equity real estate funds closed during fourth quarter 2021, pushing the 12-month fundraising volume to $153.9 billion, setting yet another record for the highest amount raised in a 12-month period, shattering the $134.9 billion mark recorded in 2008. By comparison, fundraising was a bit sluggish in 2020, with year-end numbers of 112 funds closed and only $110 billion raised, down from 2019’s totals of 125 funds closed and $134.8 billion raised.

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