Sector Investment 8 Hours

Last updated: March 20, 2026, 2:30 PM ET

Real Estate Capital Flows & Fundraising

Public pension funds are actively seeking external mandates, as evidenced by the Chicago FABF issuing an RFP for non-core real estate investment managers, signaling continued appetite for specialized strategies. This search for managers occurs against a backdrop where capital is diverging from traditional return patterns; proceeds from recent private real estate liquidity are not necessarily flowing back into the same asset classes or managers from which they originated, according to industry observers at MIPIM capital is diverging. Separately, fundraising dynamics show that larger funds previously closed fastest, though this trend may be shifting as smaller funds continue to take longer periods on the road to secure final commitments larger funds previously closed fastest.