Sovereign wealth funds’ stampede into off-market investments like real estate and infrastructure slowed dramatically in 2017, according one of the most comprehensive surveys of their investments conducted so far.

The report, which looked at activity among 61 of the state-owned investors, including the global giants like the Abu Dhabi Investment Authority and the China Investment Corporation, found a sharp drop in the number of real estate and infrastructure deals, from exactly 100 in 2016 down to 70 in 2017. The value declined from $25bn to $23bn.