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Laxman Pai, Opalesque Asia:

For global real estate fundraising, activity remained subdued in 2024. The aggregate capital raised from the first quarter to the third fell behind the same period in 2023 by 22%, with no closures of funds exceeding $10bn, as seen in the previous year, said a study.

The Preqin Global Report 2025: Real Estate report shows that global real estate aggregate transaction value in North America, Europe, and APAC all saw a rebound during the first three quarters of 2024, compared to the same period in 2023. Meanwhile, fundraising moderated slightly in 2024, as total capital raised by the same period hit 61% of last year's total, or $96bn.

"Capital raising in core real estate stands out, from the perspective of year-to-year aggregate fundraising. This is the only real estate strategy to raise more capital by Q3 2024 than in 2023, reaching $12bn," revealed the report.

Opportunistic-led fundraising in 2023, securing 43% of total capital raised by real estate funds ($52bn) in the first three quarters of the year. However, value-added has demonstrated strong resilience and overtaken opportunistic this year, accounting for 37% ($36bn) over the same period.

Preqin data indicates a potential rise in investor risk appetite regarding fund selection. Following a significant drop of over 70% in aggregate capital raised in 2023, first-time private real estate fundraising rebounded in 2024. By Q3 2024, aggregate capital raised by first-time ......................

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