Last updated: March 20, 2026, 9:30 PM ET
Private Real Estate Capital Flows & Dealmaking
Apollo Global Management committed $1 billion for a 49% ownership stake in a newly formed retail venture with Realty Income, structuring the investment to deliver a fixed rate of return for the alternative asset manager on the long-term, net-lease portfolio. This transaction suggests that while liquidity returns to private real estate, capital is diverging from traditional reallocation patterns, as observed by dealmakers at MIPIM. Supporting this shift, the Chicago-based FABF public pension fund initiated a Request for Proposals targeting external managers specializing in non-core real estate strategies, signaling a search for specialized alpha outside core holdings.
Fundraising Dynamics & Market Headwinds
The discussions at MIPIM indicated that geopolitical tensions, specifically the Iran crisis, are beginning to temper the outlook for global real estate investment, even as major capital players like Apollo finalize large-scale commitments. Separately, fundraising metrics reviewed by Infrastructure Investor reveal a recent reversal in typical patterns, where larger infrastructure funds, which historically closed fastest, are now seeing extended timelines, while smaller funds have recently managed to reach a final close more quickly than their larger counterparts.