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

Key takeaways
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.