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A minimum of €117 billion raised for non-listed real estate globally in 2023

Capital raising activity in 2023 dropped to €117 billion capital raised globally for non-listed real estate investment, the lowest result since the study’s inception in 2015, according to the ANREV / INREV / NCREIF Capital Raising Survey 2023.

Key highlights include:

  • European investors regain the top spot as the primary source of capital for non-listed real estate globally
  • Capital raised in 2023 decreased for all four regional strategies
  • Non-listed funds remain the most popular vehicle globally, accounting for more than 39% of the total equity committed for non-listed real estate
  • Non-listed real estate debt funds represent 40% of the total capital raised for European strategies, becoming the vehicle of choice for investors during 2023

Download the infographic, snapshot, report and chartbook below for a detailed analysis.