Everybody wants real estate. KKR is prepping its first-ever fund dedicated to real estate and reportedly has an initial $500M commitment. "We've got a real sense of urgency around scaling in these businesses and grabbing as much land as we can." TPG Capital is planning the launch of at least a $1B fund - it would be the largest initial property fund since Lehman's 2001 $1.6B launch. That didn't work out so well, but first there was several years of partying.