Real estate interval funds are a popular option for investors seeking income and capital appreciation. Many real estate interval funds follow a fund of funds strategy, and offer retail investors the opportunity to invest in private real estate funds normally reserved for large institutional investors. In addition, some funds follow unique strategies focused on single family homes, mortgages, or churches. Several real estate funds have raised over $1 billion in capital, while delivering steady returns to investors. Interval funds also work well for investors looking for a liquidity compromise between publicly listed REITs and non-traded REITs. Some analysts have highlighted interval funds as a step in the evolution of real estate investing.