Private equity firms raised the lowest amount for real estate investments in almost five-years during the first quarter, according to new research, but the number of funds on the road climbed slightly as those struggling to raise fresh money extend the length of the process to hold final closes at a later date.

A total of 22 real estate funds worth a combined total of $13bn (€9.8bn) were raised in the first three months of the year, according to a new report from industry researcher Preqin.