Just released: The Operating Mindset of Running a Fund — a fund admin roundtable discussion. Watch now

Key takeaways

Multifamily led fundraising, capturing 65% of capital raised and 53% of total returns across asset classes.

Multifamily and residential combined for 81% of total returns, driven by rental growth and housing affordability challenges.

The Southeast led fundraising, securing 42% of capital raised and 28% of nationwide returns.

Returns peaked in early 2024, while fundraising activity increased in the second half of the year.

Q4 saw a slowdown, with lower returns and reduced capital-raising activity across most asset classes.

2025 brings new opportunities, as loan maturities and stable inflation shape investor sentiment.

