Private real estate fundraising numbers are in for first quarter 2018, and they’re sure to put smiles on the faces of industry investment managers. In fact, 2018 has started out the same way record-breaking 2015 did, but better.

First quarter 2018 saw 25 private-equity real estate funds record final closings, raising an aggregate total of $32.8 billion, according to IREI’s FundTracker database. This represents about $16.1 billion more than the amount raised in first quarter 2017, $12.0 billion more than first quarter 2016 and $100 million more than the first three months of the fabulous 2015. One additional fund closed in first quarter 2017 than 2018 (26 funds in 2017 versus 25 in first quarter 2018), so where did that extra $16 billion come from? Big funds. Several really big funds.

The top three funds raised nearly $17 billion all by themselves. So that pretty much takes care of that $16 billion bump. The top six funds raised more than a billion dollars each, wit