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Real estate private equity financing is bucking the industry's larger trend, according to data provided by Preqin.

At a time when total private equity fundraising has fallen by almost half from the previous quarter, real estate has held on. At quarter end, data showed that $11-billion was raised for real estate funds globally. That's about 15 per cent lower than in the second quarter, but it could go up as more data become available.

Real estate funds with a North American focus raised the most money last quarter. Six of them raised $5.5-billion combined. Of all funds, the biggest close was Lone Star, raising $4.6-billion for Lone Star Fund VII.

Still, it's not all rosy for the sector. A lot of marketing goes into a close, and the average time out on the road is now 16 months, against 10 months in 2006 and 2007. Plus, competition in the real estate market is fierce, with 430 funds battling for money worldwide.

Overall, private equity fundraising fell to $45-billion globally last quarter.

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