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New funds rollercoaster continues: up and down we go as investment managers launch 40 new funds during third quarter
During third quarter 2013, investment managers launched 40 new real estate funds, up from the 35 that began marketing in the second quarter and meeting the same number as the 40 that began marketing in first quarter 2013. The total of 115 funds introduced to the market through the first three quarters of the year is on par with the previous year’s pace, when investment managers launched 113 new funds in the first nine months of 2012.
Of the 40 funds announced, those with a global strategy lead the way again, accounting for only four funds but including the largest funds on the list. The largest new fund is The Carlyle Group’s Carlyle Realty Partners VII, an opportunistic closed-end fund launched in July 2013, which is looking to raise $4 billion and has a global investment mandate with a direct properties/equity focus. Carlyle Realty Partners VI held a final close in late 2011 raising $2.3 billion.
With respect to a specific geographic focus, the Americas category