More than 900 real estate funds were formed globally during the six years leading up to 2008, raising more than US$350 billion in aggregate investment commitments. The real estate fund universe has developed to become substantial and complex. It includes global, regional, country, sector, equity, debt and even single-asset funds. Following the collapse of Lehman Bros. in September 2008, and accelerating into this year, an industry shake-out began to take place, as undercapitalized, inexperienced, ill-structured or just plain unlucky managers were forced to consider alternatives to their expected growth plans.