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.
In the press
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.
23 Apr 2025 - The Asset
Market uncertainty, geopolitics weigh on market amid signs of dry powder deployment
23 Apr 2025 - INREV
The INREV/ANREV/NCREIF 2025 Capital Raising Survey reveals that a minimum of €118 billion of new capital for investment into non-listed real estate was raised in 2024 – only slightly up on the €117 billion reported in 2023. However, there are indications that the markets are moving favourably, as 40% of the total capital raised in 2024 is already invested.
24 Apr 2024 - IPE Real Assets
Non-listed real estate fundraising fell to a minimum of €117bn in 2023, down more than 50% from 2022’s €246bn, representing the lowest volume since 2015, it was revealed at the annual conference of the European Association for Investors in Non-listed Real Estate Vehicles (INREV) in Berlin.
24 Apr 2024 - Property EU
INREV's Capital Raising Survey, which finds that capital raising activity in 2023 was the lowest volume of capital raised since 2015, will make the industry wonder this aspect of real estate will recover this year.
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