Fundraising volume slows after big fourth quarter
Fundraising activity dropped sharply during the first quarter of 2013 compared with the high volume posted during last year’s fourth quarter. During the first three months of the year, 21 real estate funds announced final closings, with an aggregate equity haul of $7.6 billion (€5.9 billion), according to the latest issue of Institutional Real Estate FundTracker.
Although the number of funds is about the same as in 2011 and 2012, the amount raised has not been this low since the fourth quarter of 2010, when fundraising activity was only $3.5 billion (€2.7 billion).
In addition, the first-quarter 2013 dollar volume is down substantially from the fourth-quarter 2012 total of $24.8 billion (€19.1 billion), which was boosted by the closing of The Blackstone Group’s $1