Cash for property funds hits five-year low

Fundraising for closed-end private real estate funds hit a five-year low in the second quarter of 2019.

Forty-seven funds reached a final close, raising just $29bn (£23bn), which marks a sharp decrease from the $46bn secured in the previous quarter, according to Preqin’s Q2 fundraising update.

The quarter is also some way off the equivalent period of 2018, which saw 115 funds raise a combined $38bn.

Despite this, Stuart Taub, partner and real estate senior analyst at RSM, said the current cycle “still