Despite the credit crisis and faltering economic growth, opportunistic real estate investment managers continue to attract capital, with some 187 funds seeking to raise $155 billion (approx. €120 bln.) in the third quarter, according to research from real estate fund of funds manager Clerestory Capital Partners.
"Lots of real estate fund managers see potential once-in-a-lifetime investment opportunities coming," Clerestory principal and co-founder Tommy Brown commented.
However, Clerestory observes that capital-raising has slowed considerably in recent months: "Anecdotal evidence suggests it's only some well-established managers who have raised their target equity amounts quickly from existing investors. Many managers appear to have struggled to close a third or half of their anticipated equity raises, and some may become distressed targets themselves
