According to Institutional Real Estate, Inc’s FundTracker database, fundraising in Q2 2017 was higher than in the first quarter, with 36 private-equity real estate funds seeing final closings and raising an aggregate amount of $30.1 billion (€25.3 billion). In trend terms, however, the pattern is of a continuing reduction in capital raised — about $3.4 billion (€2.9 billion) less than in Q2 2016 and $2.5 billion (€2.1 billion) less than in Q2 2015. The number of mega-funds is continuing to rise, with more closing in Q1 2017 than closed in Q1 2016, and more closing in Q2 2017 than in Q2 2016. The amount raised by these funds, however, has dropped year-on-year. 2017 saw 15 mega-funds close in the first half compared to 2016’s 10 funds. However, 2017 mega-funds have raised less capital than those in the first half of 2016, despite having an additional five funds close. Aggregate capital raised by 2016 mega-funds in the first half totalled $29.6 billion (€24.9 billio