Ongoing uncertainty across the macroeconomic and geopolitical landscape has raised many questions for the real estate investment industry.

In April, our 2023 Capital Raising Survey, published alongside ANREV and NCREIF, painted a mixed picture for the industry. It showed that, in 2022, fund managers raised a minimum of €246 billion of new capital for non-listed real estate globally — the second-highest result since the inception of the study. Falling €8 billion short from the record high €254 billion raised in 2021, the results highlighted the year as one of two very different halves.

Despite strong capital-raising activity taking place in the first half of 2022, sharp market deterioration in the second half of the year rapidly altered investor sentiment — with many considering how to approach the new environment. Furthermore, high market uncertainty and the ongoing pricing discovery across most markets and sectors meant that only 26 percent of the total capi