Although multibillion-dollar diversified global mega-funds tend to grab the headlines, investors also have been allocating a significant amount of capital to smaller property-specific investment funds. This is especially true for U.S.-focused funds. During the past 12 months, Institutional Real Estate FundTracker has recorded 31 closings for funds with a single-property type focus, with 21 of those funds having a U.S. geographic focus. The global group of 31 funds raised a total of $15.7 billion, with an average fund size of approximately $506 million, while the subset of U.S.-focused funds accounted for approximately $11 billion of the total, with an average fund size of $524 million. During the past 12 months, property-specific funds have accounted for roughly 16 percent of the $96 billion of equity raised. While most of these funds are smaller in size, five of the recent offerings topped out at more than $1 billion, including Global Logistic Properties&rs