Following a record-breaking fourth quarter, fundraising activity took a breather during first quarter 2022. During the first three months of the year, 36 fund closings raised a total of $27.1 billion, according to Institutional Real Estate, Inc.’s IREI.Q database. Although fundraising volume was down substantially from the previous quarter’s total of $66.2 billion — the second-highest quarterly total on record — it was only slightly below the first-quarter 2021 total of $29.1 billion and on par with the 10-year first-quarter average of $26.0 billion.

Although eight megafunds — funds raising equity of $1 billion or more — closed during the first quarter, their totals were offset by many smaller funds that closed during the period; 13 funds maxed out at $300 million or less.

The largest fund to close in first quarter 2022 was GLP’s GLP Japan Development Partners IV, which raised $3.7 billion. Fund IV, like its predecessors, will develop next-generation mode