22 April 2026, Amsterdam – The INREV/ANREV/NCREIF Capital Raising Survey reveals that capital raised for non-listed real estate globally reached €117 billion in 2025, broadly in line with 2023 and 2024. As the market stabilises after the exceptional peaks of 2021 and 2022, with all strategies reporting stronger activity except Asia Pacific. Beneath the headline figure, the return of traditional institutional investors and growing cross-border diversification point to a market rebuilding on firmer foundations.
A market finding its floor
Participation held firm at 83% of managers raising capital in 2025, matching the record high since the survey's inception. Looking ahead, 87% of respondents expect activity to increase over the next two years - the second highest reading in the survey's history.
The return of traditional investors – a vote of confidence
Pension funds retained their position as the largest single source of capital globally in 2025, with their share rising to 39%, up from 32% in 2024 and the highest since 2021. As listed asset prices stabilised, the over-allocation to real estate that had constrained European pension fund commitments in recent years began to ease. In Asia Pacific and North America, pension funds remain underallocated relative to target, suggesting further capital flows ahead.
Insurance companies also returned in force, accounting for 15% of capital raised globally, up from 10% in 2024. Their presence was particularly pronounced in European debt strategies, where they accounted for 41% of non-listed debt capital raising - up from just 6% the year before.
Together, the recovery of these long-term investors across both equity and debt strategies points to renewed conviction in real estate as an asset class, even as managers contend with a more complex macroeconomic backdrop.
Dry powder - the market’s defining constraint
Only around 30% of capital raised in 2025 was invested within the year, down from 40% in 2024. Accumulated dry powder from 2025 and prior years is becoming an active constraint on new fundraising - managers with undeployed capital are less able to launch new vehicles, and investors are more cautious about fresh commitments until existing capital is put to work.
Over 50% of managers cited market conditions as the primary barrier to capital raising in 2025, a new survey category introduced this year. Manager sentiment nevertheless remains firmly positive, with 87% expecting activity to increase - optimism underpinned by positive capital growth recorded in recent quarters.
Cross-border diversification broadens the European capital base
European strategies raised €35 billion in 2025, up approximately 20% year-on-year. European investors retained the largest share at 60%, though this is down from 72% in 2024 and 79% in 2023 - a sustained structural shift in the composition of capital rather than a one-year movement.
Capital raised for European strategies from Asia Pacific investors grew to 25%, up from 18% in 2024. This trend is likely underpinned by Europe’s relative value proposition and diversification benefits.
European strategies: vehicle preferences and sector trends
For European multi country strategies, non-listed/commingled funds remained the most prevalent vehicle type at 59%, a modest decline from 63% in 2024. Non-listed debt products accounted for a meaningful 9% share.
Within European single country strategies, there was a clear rotation away from non-listed funds to more tailored investment approach with greater control over asset and portfolio construction in favour of separate accounts investing directly into real estate, which rose to 43% from 20% a year earlier.
Residential remains the leading sector for the European single sector strategies, at 31%. Data centres debuted as a standalone category, immediately registering 6% of single-sector capital, reflecting the growing institutionalisation of digital infrastructure as an investable asset class.
Iryna Pylypchuk, Director of Research and Market Information at INREV, said: “A third consecutive year at broadly the same level tells its own story - this is not stagnation, it is a market that has found its floor, at least at a global level. European results are more encouraging, underpinned by where the region is in its real estate cycle and the diversification benefits. As a leading indicator, the latest European ODCE Q1 2026 flash results reveal further improvement in performance to 1.23%, with the net capital flows of well above €500 million (around 1.3% of the index gross asset value). This is a second consecutive quarter of strong positive net inflows, confirming positive momentum in pension funds’ and insurance companies’ long-term commitment to the asset class. In spite of the broader macroeconomic uncertainty, this is a meaningful signal for the market heading into 2026.”
The preliminary ODCE Index Q1 2026 net capital inflow stood at €541.26 million, which represents 1.72 % of total index NAV. This was comprised of €577.24 million capital calls and €35.98 million redemptions. The net flows decreased from the €732.69 million net capital inflow reported in the previous quarter. However, the Q1 2026 figure is still well above the quarterly net capital inflow average of €225.8 million over the past three years.