Today a record number of real estate funds are in the market, targeting nearly $200 billion in capital, which leads one to ask, “What is piquing institutional investor appetite?”

The competitive landscape to secure new commitments for real estate investments from institutional investors has become more crowded, due to the increasing number and size of investment funds, co-investments, ventures, club deals and separate accounts. Many investors of all sizes and types are exploring, to the extent viable for them, alternative vehicles that may provide greater investment discretion/control and decreased fees/higher net returns, compared with commingled funds.

Over the past year, Triton Pacific Capital’s senior marketing team engaged in more than 450 meetings/calls with institutional investors — including public and private pensions, foundations, endowments, insurance companies, family offices/wealth managers, and funds of funds with assets under management of $1 bil