Capital Flow · Quarterly
Where private real estate capital was raised in 2025Q3
$50.95B was offered across 1,583 real estate Form D filings in 50 states.
Get this by email each quarter
One email when a new quarter is in. Free, and you can unsubscribe from any email.
Biggest increases
Against , states with a meaningful base in either quarter.
Biggest decreases
A fall usually means one large raise last quarter that did not repeat.
Most capital raised
| State | Offered | Sold | % sold | Filings |
|---|---|---|---|---|
| CA | $9.31B | $4.7B | 50.5% | 195 |
| NY | $4.98B | $4.57B | 91.7% | 124 |
| GA | $4.76B | $1.51B | 31.8% | 72 |
| IL | $4.72B | $8.86B | 188.0% | 90 |
| TX | $4.25B | $1.61B | 37.9% | 226 |
| FL | $2.32B | $925.5M | 40.0% | 95 |
| NC | $2.1B | $85.0M | 4.0% | 43 |
| AZ | $1.8B | $559.3M | 31.0% | 75 |
| NH | $1.68B | $1.29B | 76.7% | 9 |
| DE | $1.66B | $61.6M | 3.7% | 47 |
Largest single offerings
| Issuer | State | Offering | Rule |
|---|---|---|---|
| Resolute Communities Fund VI, LLC | CA | — | 506(b) |
| TCM DC INVESTOR LLC | NY | — | 506(b) |
| Morning Calm GP Acquisition Fund II-A, L.P. | FL | — | 506(b) |
| VR 2023 WURZBACH II LIMITED PARTNERSHIP | A6 | — | 506(b) |
| Hamilton Daycroft Coinvest, L.P. | NY | — | 506(b) |
| Grandview Botts Investments, LLC | TX | — | 506(b) |
| AG21 LLC | NY | — | 506(c) |
| AGIF I Partners, LLC | OK | — | 506(b) |
| SWC Bluffton LLC | SC | — | 506(b) |
| Commercial Opportunity Fund I LLC | NV | — | 506(c) |
Most active placement agents
- Michelle Kaiser 106 raises
- Goldman Sachs & Co. Llc 100 raises
- J.p. Morgan Securities Llc 77 raises
- Morgan Stanley Smith Barney Llc 74 raises
- Ubs Financial Services Inc. 59 raises
How to read this
- Form D reports what issuers filed during the quarter. A raise that closed without an amendment shows its amount as of the original filing.
- State is the issuer's filing address, not where the property is. A Delaware entity buying in Texas counts as Delaware.
- Quarter-over-quarter changes off a small base are excluded; a state needs at least $25,000,000 in either quarter to appear as a mover.
- This reports what was filed. It is not a view on any state, sponsor or asset class, and nothing here is investment advice.