Private-equity real estate fundraising reached a five-year low in the second quarter. The funds raised just $8.9 billion between the beginning of April and the end of June, according to a report from the alternative asset research firm Preqin. That represented a $7 billion shortfall from the previous quarter and a decline of more than 75% from the third quarter of 2008, when fundraising hit its high for the five-year period. Ignatius Fogarty, manager of real estate data for Preqin, speculated that substantial losses last year have made investors tread more carefully.
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