Closed-end private real estate funds raised $90 billion in 2014 -- just shy of the $92 billion raised in 2013, according to data released Tuesday by Preqin.
The data provider said debt funds raised their largest amount ever -- as 26 funds closed on $20 billion (up from 2013 when 29 funds closed on $16 billion).
Blackstone Real Estate Partners Europe IV -- a dedicated European opportunistic fund -- was the largest real estate fund raised during the year. The €6.65 billion ($8 billion as of Dec. 31) fund was closed in March and counts Texas Teacher Retirement System, Austin; New York State Teachers’ Retirement System, Albany; Pennsylvania Public School Employees’ Retirement System, Harrisburg; and Texas Permanent School Fund, Austin, among its investors.
Lone Star Fund IX ($7.2 billion) and PIMCO Bravo Fund II ($5.5 billion) rounded out the top three.