Despite a "slight pullback" in the spring due to tariffs and market volatility, the real estate equity fundraising environment is picking back up compared to recent years, according to John Ferguson, co-chair of global law firm Goodwin's real estate group. "Across our 200-plus real estate investment manager clients, we saw a notable increase in capital raising activity and closings beginning [in the fourth quarter of] 2024 and into 2025," he told FundFire. Real estate transaction activity also is increasing, with limited partners receiving higher distributions than in recent years and, in turn, committing capital more regularly, he added. Another feature of the past decade is how fund sizes have gotten "larger and larger", with the bigger end of the market raking in more limited partner commitments, according to Goodwin's Ferguson. "Over the last decade, it seems the market has become more of a barbell with large and small, and less in the middle," he said.