A total of 34 new investment funds were launched during the second quarter of 2014. As a group they are seeking to raise approximately $13 billion. Both totals are down substantially from first quarter, when 48 new fund offerings were announced with an aggregate fundraising target of $26 billion.

 There was a little bit of everything among the new funds as far as strategy and geographic focus; however, investment vehicles focused on the U.S. property markets accounted for 48 percent of the total fundraising goal, while funds focused on European markets represented 32 percent of the total.

And unlike the first quarter, when several mega-funds hit the market, including Lone Star’s Lone Star Fund IX ($7 billion) and TPG Capital’s TPG Real Estate II ($2 billion), the funds that debuted in the second quarter were smaller, with an average fundraising goal of $382 million.

The largest and one of the most interesting new funds announced during t