In collaboration with the DC Real Estate Council, NCREIF and PREA, NAREIM™ (the National Association of Real Estate Investment Managers™) provides an in-depth view of Defined Contribution (DC) capital raising and organizational metrics by real estate investment managers.
The annual DC Survey benchmarks:
Net capital flows of DC capital into private real estate strategies
Amount of capital contributions from existing and new investor mandates
Inflows, outflows by vehicle type
Target allocations and liquidity sleeve targets
Resourcing and staffing to support private real estate DC products
For more information on participating in the DC Survey, contact Andy Walburger.
2026 DC Survey Highlights
Defined contribution (DC) capital in private real estate reached over $51.6 billion by year-end 2025, according to the latest Private Real Estate in Defined Contribution Survey from DCREC, NAREIM, NCREIF, and PREA.
Of the total, $42.8 billion was held in dedicated DC vehicles and $8.8 billion in institutional open-end funds. Net inflows in 2025 totaled just over $725 million, with $2.1 billion in contributions and $1.38 billion in outflows.
Survey highlights:
76% of inflows went to dedicated DC vehicles; 23% to institutional vehicles.
Outflows: 64% from dedicated DC vehicles, 36% from institutional strategies.
Typical DC vehicle allocation: 87% private real estate, 11% listed REITs, 2% cash.
Most firms reported just one dedicated DC FTE, often with real estate or DC backgrounds.
The 2026 survey reflects responses from 13 firms representing more than $1 trillion in gross AUM.