Q3 2016 saw relatively few closed-end private real estate funds reach a final close, with 31 vehicles raising $18.5bn, down from 46 funds raising $31.4bn the previous quarter. With a smaller number of funds reaching a final close than in previous quarters, capital has become more concentrated among fewer funds. The average size of funds closed in Q3 2016 was $617mn – only two other quarters since the beginning of 2010 have seen greater average fund sizes, Q3 2015 and Q2 2016.

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