Capital Raising Survey
Published every April since 2006
Welcome to the ANREV / INREV / NCREIF Capital Raising Survey, an exploration of capital raising activities in the non-listed real estate industry globally. The survey is conducted annually and provides insights by region, product type, investment strategy, and presents a historical comparison based on previous studies where possible.
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Latest highlights
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At least €117 billion raised for non-listed real estate globally in 2025
- Over 80% of managers raised capital in 2025, matching the highest level recorded since the survey’s inception
- Capital raised for the European strategies increased by 20% year-on-year, its highest result since 2022
- North American investors reclaim their position as the dominant source of capital, accounting for almost 40% of the global capital raising activity in 2025
- As the investor base consolidates and returns to traditional capital sources, pension funds grew their share as the dominant source of capital globally to 39%.
- Non-listed/commingled funds and private REITs retained their position as the preferred vehicle type across all regional strategies in 2025.
In the press
22 Apr 2026 - IPE Real Assets
North America replaces Asia-Pacific as leading source of capital, according to global survey
22 Apr 2026 - Immobilien Zeitung
Weltweit wurden 2025 für Immobilienfonds und vergleichbare Strategien 117 Mrd. Euro eingesammelt, berichtet der Fondsverband Inrev. Pensionsfonds und Versicherer haben ihre Zusagen erhöht.
22 Apr 2026 - CRE Media Europe
Institutional investors are showing renewed confidence in global real estate, with €117 bn raised in 2025, matching the levels of the previous two years.
23 Apr 2025 - IPE Real Assets
Fundraising for non-listed real estate remained flat in 2024 – reaching €118bn compared with the €117bn recorded in the previous year – but an increase in investment activity suggests more capital is being deployed.
23 Apr 2025 - Immobilien Zeitung
Asien war 2024 die wichtigste Kapitalquelle der globalen Fondsindustrie. Laut Inrev entfielen auf die Weltregion 43% der für Immobilienfonds neu zugesagten Mittel.
All press releases
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Jose Monsalve
Senior Research and Analytics Manager
jose.monsalve@inrev.org