Europe is back from the abyss, and investors and fund sponsors are maneuvering to catch the ride up as economic conditions and property fundamentals improve. The heightened interest in Europe is evident from recent fund launches and fundraising activity. The largest fund to close during the first half of 2014, for example, was The Blackstone Group’s Blackstone Real Estate Partners Europe IV, which topped $7 billion. Fundraising activity during the past 12 months shows Europe accounting for $23.6 billion of the capital raised in fund closings. In addition, a number of large global funds, which raised $25.9 billion during the past 12 months, are placing strong bets on assets in recovering European markets. Of the 82 new funds launched thus far in 2014, 49 of those funds are Europe-focused, accounting for almost 60 percent of the new funds launched year-to-date. The largest of the current European pack is Heitman’s Heitman European Property Partners V, a clo