This paper describes the development of the European universe of non-listed real estate companies. For decades non-listed real estate vehicles have been famous for their lack of transparency, limited size and their complicated structures. Over the last fifteen years more and more of the vehicles have been raised across Europe. The European Association for Investors in Non-listed Real Estate Vehicles (INREV) has started to gather information on this real estate investment. Using these data, this paper looks back on the rise of the market both in values and number, discusses the current state and composition of the supply of European vehicles and presents a comprehensive overview of the most dominant styles and structures in this market. The paper ends with an outlook on the years to come by discussing the fund terminations that lie ahead and the continuation alternatives that are at hand.