Real estate equity in 2025: Deals, deployment and the road ahead

For the year’s final episode of The PERE Podcast – and the second installment of our two-part year-end series – the team is closing out 2025 with a look back at the investors, managers and themes that reshaped the private equity real estate market over the last 12 months.

Co-host McKenna Leavens is joined by PERE editor Evelyn Lee and PERE Deals editor Guelda Voien to unpack the biggest stories of 2025, from major M&A activity and headline-grabbing deals to the unique ways market participants found opportunities in a volatile and capital-constrained world.

The conversation explores the surprises that emerged as some sectors gained momentum and drove investors back into action, and the stories that resonated most with readers throughout 2025. The team also reflects on a milestone for PERE Deals, marking its first full year as a standalone publication, and its coverage of a noticeable pickup in capital deployment in the year’s second half.

Looking ahead, the editors share their perspectives on whether fundraising conditions are set to improve, the outlook for continued M&A activity and where investors are likely to place their bets as the calendar flips to 2026.

In case you missed it: Catch up on last week’s episode recapping the biggest themes in real estate debt here.