Private real estate fundraising numbers are in for second quarter 2018. They’re lower than those of second quarter 2016 and 2017, but when added to first quarter 2018, they bring the first half of the year total well ahead of the last two years. Second quarter 2018 saw 36 private-equity real estate funds record final closings, raising an aggregate total of $27.0 billion, according to IREI’s FundTracker database.

A total of 33 new investment funds were launched during second quarter 2017, making the number of launched funds the lowest since the launch of 33 funds in the third quarter of 2015. Similar to first quarter 2018, the lower number of funds launched trend is common in the second and third quarters but hasn’t happened in a first quarter since before 2010. The new funds launched during the second quarter are seeking an aggregate fundraising target of $26.8 billion, much higher than the first quarter aggregate of $16.2 billion.