At least €117 billion raised for non-listed real estate globally in 2025

The  latest results are broadly in line with the 2024 level, with all but the Asian Pacific strategy reporting stronger activity.

 Key highlights include:

• 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.

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