Fundraising activity remained muted for the second consecutive quarter, following a record-setting volume of $63.6 billion recorded in first quarter 2019. A total of 22 private equity real estate funds reached final closings during the third quarter, raising an aggregate of $19.9 billion, up slightly from the $19.3 billion raised in the second quarter.

The year-to-date total of approximately $103 billion could reach a year-end figure of approximately $127 billion if the fourth quarter volume achieves the average from the previous five years’ final quarters of $24 billion. In order to break the annual fundraising record of $134.9 billion set in 2008, a strong fourth quarter push would be required. However, the 2019 total is almost sure to eclipse the 12-month totals of $105.7 billion and $112.4 billion registered in 2017 and 2018, respectively.

While real estate remains a favored asset class in today’s low-yield environment, it does appear fundraising has been const