Today’s chart of the week highlights a key trend in global private capital fundraising. Explore this insight and more in our midyear private markets outlook, “Follow the value, not the herd.”

• Following two challenging years, commercial real estate (CRE) property prices have held steady in 2025 as investors adapt to today’s rate environment.
• CRE equity investments have struggled while debt funds have emerged as a bright spot, benefiting from their floating-rate structures.
• Since 2019, returns for CRE debt funds have significantly outpaced CRE equity funds. The median internal rate of return for 2022 vintage CRE debt funds was 11.3% compared to just 2.1% for equity funds.¹ The disparity underscores how the relative attractiveness has shifted in today’s environment versus a decade ago.
• Looking ahead, higher yields are creating stronger return potential across credit-focused strategies. With roughly $2 trillion in CRE debt—about a third of all outstanding—scheduled to mature by December 2027, lending against physical CRE properties at low leverage and attractive yields may represent one of the most compelling opportunities in private markets.