Carlyle Group, a global investment firm, has successfully raised $9 billion for its latest U.S. real estate fund, marking a significant milestone despite a challenging market environment. The new fund’s fundraising total surpasses the $8 billion raised for its previous real estate fund in 2021. The firm’s success highlights a rebound in the real estate investment market, following a downturn during the COVID-19 pandemic, which saw global private capital raised in the sector fall to $131 billion in 2024, the lowest level since 2012.
The real estate sector in the U.S. remains competitive, and Carlyle’s success is indicative of a broader recovery trend in 2025. Rob Stuckey, Carlyle’s head of U.S. real estate, acknowledged the challenges of attracting investment in today’s market but emphasized the confidence investors have in the firm’s strategy and its ability to navigate market volatility.
Carlyle’s new fund will focus on residential, self-storage, and industrial properties, deliberately avoiding sectors like office spaces, hotels, and traditional retail, which are perceived as having long-term structural challenges. Stuckey believes that market fundamentals have improved, and with lower liquidity, there are unique opportunities to invest in properties that have more resilient demand.
This strategic shift reflects Carlyle’s long-term view of the market, positioning itself to capitalize on emerging trends in U.S. real estate. By targeting sectors that are experiencing growth despite broader economic pressures, the firm aims to continue delivering strong returns for its investors.
