FundTracker Fourth Quarter 2008: Private equity real estate fund-raising activity dropped precipitously in the fourth quarter, although the 12-month dollar volume of $134.9 billion was on par with the 2007 total. Institutional Real Estate FundTracker reports that private equity real estate fund-raising activity dropped precipitously in fourth quarter 2008, although the 12-month dollar volume of $134.9 billion was on par with the total equity raised in 2007.