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As can be seen in Fig. 3, just 34% of the investors surveyed committed to private real estate funds in 2011. There are a number of factors that contributed to the sluggish real estate fundraising environment in 2011. The uncertainty in the wider financial markets throughout 2011 affected investor confidence and did little to encourage those investors that have refrained from investing in real estate since the financial crisis to return. Performance is also a factor, with real estate taking longer than many other asset classes to see an improvement in returns. While the proportion of investors making new fund commitments remains relatively low, investors will have funded existing commitments, with fund managers having started to call up more capital as deal flow has increased. Many investors are now more actively investing in funds and considering new opportunities, but a significant number are content to remain on the sidelines.
Source : Preqin