Fundraising activity slowed drastically during first quar­ter 2013 compared with the high volume posted during fourth quarter 2012. During the first three months of the year, 21 real estate funds announced final closings, with an aggregate equity haul of $7.6 bil­lion, according to Institutional Real Estate FundTracker. Although the number of funds is on average compared with 2011 and 2012, the amount raised hasn’t been this low since fourth quarter 2010, when fundraising activity was only $3.5 billion.