Worldwide, private-equity real estate funds are building up their war chests in hopes of taking advantage of distressed selling, according to a new Preqin report. Preqin, an alternative assets research firm, found that more than 25% of all capital raised in 2008 by private-equity real estate funds was said to be earmarked for buying up distressed assets and debt. Globally, 166 funds raised a total of more than $115 billion for the year.

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