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MARKET INSIGHTS | August 21

Global Real Estate Asset Class Review Q2 2026

Key Takeaways For Fundraisers

  • Value-add and opportunistic strategies accounted for 88% of Q2 fundraising: Core and core-plus strategies declined from 22% of Q1 capital to 4% in Q2, reflecting more selective LP appetite for broad income-oriented real estate in a higher-rate environment. Managers pursuing core or income strategies should plan for more prolonged fundraising processes and potentially smaller closes.
  • Dedicated housing and logistics attracted the largest share of capital: Housing-related strategies raised $9.6B, or 25% of Q2 capital, while logistics raised $5.3B. Investors continue to favor sectors with identifiable demand drivers; dedicated office and retail fundraising remained limited.
  • The wealth channel is becoming a more important complement to institutional fundraising: Evergreen real estate vehicles now manage $272B in U.S. AUM per Dakota data, and the DOL’s proposed 401(k) rule could further expand access to defined-contribution capital. Managers with appropriate product structures, distribution capabilities, and liquidity management may gain an additional capital-raising channel beyond traditional institutional LPs.

Executive Summary

Global real estate fundraising in 2026 is lagging behind 2025 levels. Q2 closed $38.6B across 25 funds, up from $23.2B in Q1, putting the year at roughly $124B on an annualized basis. The comparison with 2025's $152.6B should be viewed in context, as 2025 was concentrated in mega-closes from Blackstone and Carlyle. Fundraising in 2026 has been more broadly distributed, with activity concentrated in specialized property types.

Q2 growth came almost entirely from value-add and opportunistic strategies. Five funds accounted for two-thirds of capital: Starwood Capital Distressed XIII ($10.2B), Kayne Anderson KAREP VII ($5.1B), EQT Europe Logistics V ($3.6B), Ares US Real Estate XI ($3.1B), and Greystar Europe II (€2.7B). The largest strategies to close during the quarter invested across multiple property types, offering investors a diversified mix of real estate assets rather than a single sector exposure.

SOURCE OF DATA AND INSIGHTS: DAKOTA MARKETPLACE

The research and analysis in this report are powered entirely by Dakota Marketplace, the most comprehensive private markets database built for the institutional investment community. Dakota’s 60-plus person data team researched, verified, and maintained every data point referenced in these pages by hand, with real people who verify the information and update records with the rigor that institutional-grade intelligence demands. This report is the output. The database is the foundation.

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