Data Snapshot

H1’s 10 biggest deals nearly doubled in size compared with 2025

Almost a third of all recorded investment went into just 10 acquisitions, the largest top 10 since 2020 – and the second largest in a decade.

Mega-funds go from fastest to slowest on the fundraising trail

Funds closed in H1 2026 that raised over $5bn spent more than three times as many months on the road as similar-sized funds did five years ago.

H1’s subdued deal recovery skipped the mid-market

Global investment volume fell across all deal size categories during the first half-year except for transactions greater than $1bn.

Net IRR dispersion is widening once more

A broader range of return outcomes among vintage-2023 funds demonstrates the impact of the market correction on private real estate performance.

2019-23 vintage funds have distributed 50% or less of capital

The 2016-18 fund vintages were the last to return capital in full to investors, reaching an average DPI of 1.05x 10 years after inception.

Value-add strategies move into the spotlight

Capital raised for value-add funds has surged amid a scarcity of blockbuster fund closures or launches in the opportunistic space.

Lazard: Investors place premium on operational real estate

Institutional investors are increasingly focused on sectors that require active management, according to James Jacobs, head of real assets for Lazard’s private capital advisory group.

Introducing PERE’s inaugural placement agent ranking

The biggest real estate capital advisory firms are ranked by both new and aggregate equity raised over the past year.

Industrial funds display renewed momentum

Having taken less than a quarter of sector-specific market share last year, industrial-focused funds are back with a bang thus far in 2026.

GRESB: A single sustainability rating no longer meets investor needs

As the real assets industry grows, investors’ sustainability strategies and priorities are diverging along multiple lines.