Over the past few quarters, real estate fundraising has struggled to remain consistent, and 2017 is on course to see one of the lowest totals in the past five years. The number of funds closed in Q3 was a little more than half that seen in Q2, and aggregate capital raised in the quarter is following a similar trend of decline. Europe-focused fundraising has suffered especially this quarter, with the number of funds closed plummeting, and the aggregate capital secured also declining.