Preqin headquarters in London Headquartered in London, Preqin says more than half of fund managers expect to see more family office activity.

LONDON—Private real estate fundraising has grown 134% since 2009, reaching US$120 bilion in 2016. However, Preqin says, the number of new firms established each year has decreased 126 new firms in 2006 to just 37 last year, and 87% of fund managers surveyed by Preqin this past June expect further consolidation in the next few years.