Investment managers around the globe successfully closed fundraising on 86 real estate funds in 2012, raising US$56.9 billion, the highest total since the market peak in 2008 when fundraising activity reached nearly US$135 billion, according to Institutional Real Estate FundTracker. In addition, the fourth quarter fundraising figure was an impressive US$24.2 billion, nearly double the third quarter total. Perhaps this surge in capital commitments represents a positive indication of better days for investment managers trying to raise capital in today’s crowded, competitive marketplace.

But such a conclusion would be wrong. Maybe numbers don’t lie, but sometimes they sure can distort the truth. The closing of The Blackstone Group’s US$13.3 billion Blackstone Real Estate Partner