There has been huge growth in the aggregate size and number of global unlisted property funds since the mid 1990s. In Europe, and more recently in Asia, growth in the number of fund launched has exceeded 20% per annum. Developing markets need real estate equity capital to supply the real estate resources and facilities essential to a growing economy. Using a new global unlisted fund database from Property Funds Research, this paper will explore the extent to which the developing global markets have been recipients of equity capital from unlisted funds, and the factors which appear to explain which countries have done well ñ and those that have not.