During the fourth quarter 2019, 23 fund closings were recorded, representing an aggregate dollar volume of $14.7 billion. The final quarter’s activity pushed the 12-month total to $120.7 billion, the highest figure of the decade but less than the all-time record amount of $134.9 billion posted in 2008.

While the year-end 2019 total was impressive, it was somewhat of a letdown after the first quarter produced a record total of $60.7 billion, which was fueled by the two largest private equity real estate fund closings ever: Blackstone Real Estate Partners IX, at $20.3 billion, and Brookfield Strategic Real Estate Partners III, at $15.0 billion. The 2019 year-end total was 6.5 percent higher than the $113.1 billion raised in 2018 and represented the fifth consecutive year that fund sponsors topped the $100 billion mark.

However, activity slowed in the ensuing quarters; volume in the second and third quarters of the year totaled 19.3 billion and $21.2 billion, respective