A total of 31 private-equity real estate funds recorded final closings during second quarter 2016, raising an aggregate total of $31.3 billion, according to IREI’s FundTracker database. Although 19 more funds closed in second quarter 2015 than 2016, the amount of capital raised is nearly the same — $32.6 billion in second quarter 2015 versus $31.3 billion in second quarter 2016. In second quarter 2014, 28 funds closed with an aggregate total of $20.4 billion in commitments.

The first half of 2016 appears to be very different from the first half of 2015, but appearances can be deceiving. A total of 81 funds closed in first half 2015, with an aggregate raise of $64.2 billion, while only 61 funds have closed so far in 2016, raising only $50.8 billion. However, of the $64.2 billion raised by funds closing first half 2015, $15.8 billion was the result of one fund — Blackstone Real Estate Partners VIII. Remove that fund and the amount raised during the two hal