First quarter 2015 saw the highest fundraising volume since third quarter 2008. The quarterly volume of $31.9 billion ranked as the highest first-quarter total since Institutional Real Estate, Inc.’s FundTracker magazine began publishing data in 2007.

Now that second-quarter numbers are in, we can begin to notice a trend, with fundraising in second quarter 2015 continuing the record pace. The $28.4 billion total capital reported by funds holding final closings in April, May or June is the most of any second quarter since 2008.

While the first-quarter total received a significant boost from the close of the record-setting $15.8 billion Blackstone Real Estate Partners VIII, which accounted for almost half of the total raised that quarter, the second quarter relied on the sheer volume of fund closures for its higher-than-normal total. Some 39 funds closed in second quarter 2015 compared with 28 funds in the first quarter, as well as 28 funds in second quarter 2