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Alternative Market Briefing

Equity real estate fundraising declines in Q1

Wednesday, April 04, 2012

Bailey McCann, Opalesque New York: Twenty-six closed-end private real estate funds reached their final close in the first quarter of this year raising an aggregate of $9.5bn, a significant decline compared to the $15.8bn raised by 39 funds in the fourth quarter of last year according to new research by global data firm, Preqin.

The firm notes that final data may show a slight uptick in the number for Q1, but will still represent a decline overall. North American funds raised the most capital with aggregate commitments reaching $6.3bn.

Notable funds closing in this round included Angelo, Gordon & Co which raised $1.27bn for its AG Realty Fund VIII and $1.01bn for its AG Core Plus Realty Fund III. Related Companies raised $850m for its Related Real Estate Recovery Fund. GTIS Partners raised $810m for its GTIS Brazil Real Estate Fund II.

Funds are also taking more time to close the average for this quarter was 18.1 months, up from 17.3 months in 2011. The double digit timeline is a significant increase from 2007 when funds averaged 8.7 months before closing.

Currently, private equity real estate markets have 449 funds with aggregate commitments of approximately $166bn. "The fundraising market remains extremely competitive," says Andrew Moylan, manager, Preqin real estate data. "While there have been firms achieving considerable fundraising success, there have been many others which hav......................

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