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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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Capital Raising Survey 2024

Published on 23 Apr 2024

Infographic Capital Raising Survey 2024 - Infographic
Snapshot Capital Raising Survey 2024 - Snapshot
Report Capital Raising Survey 2024 - Report
Chartbook Capital Raising Survey 2024 - Chartbook
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A minimum of €117 billion raised for non-listed real estate globally in 2023

Capital raising activity in 2023 dropped to €117 billion of capital raised globally for non-listed real estate investment, the lowest result since the study’s inception in 2015, according to the ANREV / INREV / NCREIF Capital Raising Survey 2023.

  • European investors regain the top spot as the primary source of capital for non-listed real estate globally
  • Capital raised in 2023 decreased for all four regional strategies
  • Non-listed funds remain the most popular vehicle globally, accounting for more than 39% of the total equity committed for non-listed real estate
  • Non-listed real estate debt funds represent 40% of the total capital raised for European strategies, becoming the vehicle of choice for investors during 2023

Related articles
In the press
24 Apr 2024 - IPE Real Assets

INREV conference: Real estate fundraising plunges over 50% in 2023

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

Will capital raising recover in 2024?

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.
24 Apr 2024 - CoStar

Real estate fund managers raise only €117 billion globally in 2023

Last year was weakest year since 2015 amidst lack of deals and economic uncertainty
24 Apr 2024 - Immobilien Zeitung

Anleger ließen 2023 die globale Fondsindustrie auf dem Trockenen sitzen

In keinem Jahr seit 2015 haben die Anleger so wenig Eigenkapital neu für Immobilienfonds und andere Immobilienanlagen zugesagt wie 2023. Die Fondsverbände für die Regionen Europa, Nordamerika und Asien bilanzieren für das abgelaufene Jahr ein Mittelaufkommen von nur 117 Mrd. Euro, das ist gegenüber 2022 ein Einbruch um mehr als die Hälfte.
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