Sector Investment 3h Briefing

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

Real Estate Capital Flows

Public pension fund Chicago FABF is actively seeking external real estate investment managers by issuing an RFP targeting non-core strategies, signaling a shift in asset allocation priorities. This search comes as analysts observe that capital returning to private real estate markets is diverging from previous allocations, meaning proceeds from maturing assets are not necessarily returning to the same managers or strategies they originated from. Furthermore, fundraising dynamics appear to be shifting, as data suggests that historically, larger funds closed fastest, although recent shifts in investor mandates could alter this trend for smaller managers hoping to secure mandates.