German institutional investors have scaled back allocations to Spezialfonds, a type of vehicle open only to them, in the first six months of this year.
A total of €18.5bn flowed into Spezialfonds from the beginning of January to the end of June this year, compared with €47.1bn in new funds received in the first six months of 2022, according to figures released by the German fund industry association BVI.
In real estate open Spezialfonds net inflows decreased year-on-year, from €6.43bn in the first six months of 2022 to €3.67bn in H1 this year, the figures revealed.
Fund of funds investments of Spezialfonds saw an outflow of €116.3m in the first six months of this year, from a €2.85bn inflow recorded in H1 2022.
Spezialfonds for investments in securities and private equity saw capital inflows plunging, from €40.54bn in H1 2022 to €14.78bn in the first six months of this year.
Inflows of capital to real assets funds decreased to €3.73bn in the first six months of this year, from €6.50bn recorded in the first six months last year, according to BVI.
Assets under management of Spezialfonds stand at €2.01trn so far this year, with the largest share of €1.85trn managed by securities and private equity funds.
Net assets managed by real estate funds have increased in the last five years from €182bn at the end of June 2018 to €309bn this year.
Open Spezialfonds account for €159bn of the rest estate assets managed, and €132bn is in the hands of retail funds, according to BVI’s figures.
Year-on-year, assets in real estate Spezialfonds saw an uptick, from €157.58bn in H1 2022 to €158.75bn in H1 this year.
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