According to Institutional Real Estate, Inc.’s FundTracker database, 122 funds raising $101.5 billion in aggregate closed in 2015, versus 120 funds that raised $88 billion in 2014. Global funds raised the most capital at $44.9 billion. Value-added, opportunistic, and mixed investment styles each represented 25 percent of the total number of funds; however, opportunistic funds raised the most capital at $41.7 billion.

Mega-funds, those raising $1 billion or more, accounted for 23 percent of the funds closed but received 70 percent of the capital committed. On average, these funds closed 15 months after launching, in contrast to the 18-month average for all funds and the 19-month average for non-mega-funds.

Some 45 funds failed to reach targeted maximums, collectively falling short by $6.5 billion, or an average shortfall of $143 million per fund; 36 funds raised their targeted maximum proceeds; and 27 funds raised more than their targeted maximums, collectively exceed