Global private equity real estate funds have raised more than $211bn over the past five years, although many launched in the period up to the market peak in 2007 are now being forced to heavily write down the value of investments.

Two firms have come to dominate the market, Blackstone and Morgan Stanley Real Estate, raising $25.6bn and $20.15bn over the past five years, according to a survey released today by Private Equity Real Estate (PERE).