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
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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Questions about Capital Raising Survey?
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Jose Monsalve
Senior Research and Analytics Manager
jose.monsalve@inrev.org