Private real estate fundraising numbers are in for second quarter 2018. They’re lower than those of second quarter 2016 and 2017, but when added to first quarter 2018, they bring the first half of the year total well ahead of the last two years.

Second quarter 2018 saw 36 private-equity real estate funds record final closings, raising an aggregate total of $27.0 billion, according to IREI’s FundTracker database. This represents about $5.9 billion less than the amount raised in second quarter 2017. But when looking at first half numbers, we see that 2018 is still very much holding its own. First half 2016 saw $55.7 billion raised, while first half 2017 came in at $51.2 billion. Thanks to a very strong first quarter, the first half of 2018 recorded an aggregate total of $61.3 billion raised.

So far, FundTracker has seen 69 funds hold a final closing in first-half 2018. This compares with 71 funds closing in the first six months of 2016, and 69 funds closing during th