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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A minimum of €118 billion raised for non-listed real estate globally in 2024
The sharp slowdown in capital raised globally is now in its second year, with all but one global region reporting muted activity, according to the ANREV / INREV / NCREIF Capital Raising Survey 2025.
- Capital raised for the Asian Pacific strategies increased by 80% between 2023 and 2024, its highest result to date.
- Capital sources became increasingly fragmented, as managers looked for alternative sources of capital.
- Non-listed funds drew roughly 60% of the capital raised for European strategies.
- Insurance companies and pension funds were ahead as the primary sources of capital for global strategies.
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