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Capital Raising and Fund Manager Survey Reports Released

The ANREV / INREV / NCREIF Capital Raising Survey 2018 explores capital raising activities in the non-listed real estate industry in 2017. The survey provides insights by region, vehicle type, investment strategy, and where possible presents a historical comparison based on previous studies.

For the fourth successive year, the survey has a global reach. The study was conducted in conjunction with INREV in Europe and ANREV in the Asia, with the aim of providing a greater appreciation of trends in capital raising activities globally. The 2018 survey attracted a record number of participants, with 175 fund managers globally completing the questionnaire, an 8.0% increase compared to 2017, when 162 fund managers responded.

In total, the majority (93 or 53.1%) of fund managers were from Europe, followed by those domiciled in Asia Pacific (43 or 24.6%) and North America (39 or 22.3%). No fund managers from South America or Africa participated in the survey this year. Collectively, the respondents raised US$160.2 billion for investment in non-listed real estate. The list of participants can be found at the end of the report in Appendix 1. Capital raising information was gathered in a two-step process: first, a questionnaire at manager level; second, a questionnaire focused on non-listed real estate funds with an Asia Pacific strategy.

The ANREV / INREV / NCREIF Fund Manager Survey explores real estate assets under management, providing insights into regional compositions and vehicle types. The survey was launched in 2011 and since 2015 was expanded to include global coverage.

This year’s survey includes 162 managers (three managers preferred to remain anonymous) and represents total real estate assets under management of US$2.8 trillion at year-end 2017. The sample size and composition of the survey varies by year. Furthermore, when figures were left unspecified aggregates include the not reported figures allowing for the sample to remain constant throughout the report. Therefore, historical comparisons should be treated with caution.

The complete 2018 Survey reports are available to NCREIF members at www.ncreif.org in the Member Login area.