Data from Institutional Real Estate, Inc.’s FundTracker database indicates the fundraising market is slowing after a 2015 total in excess of $100 billion. Looking at the numbers a little closer, however, it appears it might be slowing more dramatically for mega-funds — those funds holding a final closing after raising $1 billion or more in commitments — than for smaller funds.

As of Aug. 1, 2016, real estate investment funds had closed on $53.1 billion. Mega-funds accounted for $29.3 billion — 55 percent of that total — while only accounting for 10 of the 65 funds closed in the first seven months of 2016. On the surface, that looks pretty dominant. But looking back, this is the smallest percentage of total raised since at least 2013. At the end of 2015, mega-funds accounted for 66 percent of the $106.2 billion raised that year. In 2014, it was 60 percent; 2013 saw mega-funds account for 59 percent of the total.

Besides accounting for a lower percentage of cap