A total of 29 private equity real estate funds recorded final closings during first quarter 2016, raising an aggregate total of $18.9 billion, according to IREI’s FundTracker database. Although the number of funds closed is exactly the same number closed in first quarter 2015 and three more than in 2014, the amount of capital raised has fallen significantly.

A total of 47 new investment funds were launched during first quarter 2016, the highest number of funds launched since first quarter 2014 (48 funds). As a group, they are seeking to raise approximately $56 billion.