- December 1, 2021: Vol. 33, Number 11

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Upward momentum: Megafunds push fundraising to record third quarter

by Larry Gray

Following a second quarter slowdown, fundraising activity stormed back in the third quarter, raising $41.3 billion, the highest third quarter total ever — surpassing the $37.17 billion raised in third quarter 2018 — and the fifth-highest quarterly total ever recorded in this 15-year data series, according to Institutional Real Estate, Inc.’s IREI.Q database. The only quarters to post higher totals were first quarter 2019 ($66.6 billion), second quarter 2008 ($57.2 billion), second quarter 2007 ($48.1 billion) and second quarter 2020 ($47.1 billion).

In addition, a record 16 megafunds — funds raising $1 billion or more — reached final closings during the third quarter. The megafunds accounted for $30.4 billion, 74 percent of the total capital raised. Through the first nine months of the year, 30 megafunds have closed, only three short of the record 33 megafunds that closed in all of 2017.

Third quarter fundraising volume was up 120 percent from the second quar

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