In another indication that the current real estate market cycle may be near or at its peak, global annual fundraising volume for private equity real estate funds decreased in 2016 after six consecutive years of expansion. Fundraising activity totalled $98.4 billion (€93.4 billion) in 2016, a 10.5 percent decline from the $110.0 billion (€104.5 billion) raised in 2015, according to Institutional Real Estate, Inc’s FundTracker database.

Fundraising activity topped out in 2008 with a total of $134.9 billion (€128.1 billion) before taking a post–global financial crisis nosedive to a low of $41.9 billion (€39.8 billion) in 2009. In the succeeding years, as financial markets and real estate markets slowly recovered, fundraising volume climbed steadily until reversing last year.

In 2016, funds with a global or multi-regional strategy attracted the most capital, recording a total of $36.4 billion (€34.6 billion). Funds focused on North America (primarily the Unit