Private equity is gaining momentum. How are core funds responding?

Core funds vs. private capital – who is really driving the commercial real estate market today? In short, both sides are back in the game, but they’re doing it in different ways.

The former are important because they can validate prices for prime assets, restore benchmarks, and build market confidence. But it is private capital—family offices, local funds, private investors, and direct structures—that is increasingly closing deals where speed, local market knowledge, and greater tolerance for complexity matter.

Some market data:

• The volume of commercial real estate investments in Europe reached as much as €244.5 billion in 2025. The market is entering a phase where returns are defined as income-driven, and selectivity is becoming crucial (CBRE data)
• Only 9% of real estate funds are actually targeting the core and core-plus segments today. At the same time, approximately 49% of investors prefer direct investments and separate accounts, moving toward greater control, flexibility, and a more active approach to capital allocation. Core funds are making a comeback, but they are emerging where income quality, liquidity, and exit security are of the utmost importance (Colliers report “2026 Global Investor Outlook”)
• In 2026, the value of the investment market in Poland is expected to grow thanks to greater predictability of debt costs and interest rate stabilization, but at the same time, Polish funds and private investors are set to play an increasingly significant role in small and medium-sized transactions, filling the gap left in part by some Western players (EY, “The Polish Real Estate Guide 2026”) domestic capital has invested nearly €860 million in Polish commercial real estate (according to Colliers), and Polish capital now accounts for approximately 20% of the total investment volume and as much as 30% of office investments in Poland (data from Cushman & Wakefield)
• These are the data and forecasts from analysts. Will the next cycle be driven by the return of large institutional capital, or rather by more dispersed, flexible, and decisive private capital? Will the invited experts find a clear answer to this question? We invite you to participate in the Real Estate Market Forum.

  Date: June 11, 2026

  Time: 11:50 a.m.–12:50 p.m.

  Location: Commercial Hall

  Panel: Will Core return... or is it no longer necessary?