Who are the top real estate private equity firms? Find out with PERE’s ranking of the biggest 100 private equity real estate firms in the world.
The PERE 100 list is measured by the capital support the firms receive from institutional investors for closed-end private funds and associated vehicles over the last five years. The ranking typically comprises managers with cross-border and multiple asset class strategies, often in more than one region.
INSIDE THE PERE 100
PERE 100 | METHODOLOGY
Where two firms have raised the same amount of capital over this time period, the higher rank goes to the firm with the largest active pool of capital raised since 2017 (ie, the biggest single fund). If there is still a ‘tie’ after taking into account the size of a single fund, we give greater weight to the firm that has raised the most capital within the past year.
We give highest priority to information that we receive from or confirm with the private real estate firms themselves. When private real estate firms confirm details, we seek to ‘trust but verify.’ Some details simply cannot be verified by us, and in these cases we defer to the honor system.
In order to encourage cooperation from private real estate firms that might make the ranking, we do not disclose which firms have aided us on background and which have not. Lacking confirmation of details from the firms themselves, we seek to corroborate information using firms’ websites, press releases, limited partner disclosures, etc.
Structures
- Limited partnerships
- Co-investment/side-car vehicles
- Seed capital or manager commitment
Strategies
- Opportunistic
- Value-add
- Expected capital commitments
- Capital raised for open-ended funds that falls outside the counting period
- Public funds
- Funds of funds
- Non-discretionary vehicles
- Secondaries vehicles
- Core strategies
- Core-plus strategies
- Private equity funds
- Infrastructure funds
- Hedge funds
- Capital raised on a deal-by-deal basis
- Debt issuing funds
PERE 100 | PREVIOUS RANKINGS
The PERE 100 bounces back
The constituents of PERE’s signature ranking of private real estate managers are back on track following muted activity levels.
PERE 100 methodology 2022
The 2022 PERE manager ranking is based on the amount of private real estate direct investment capital raised by firms between January 1, 2017 until March 31, 2022.
Five key takeaways from the 2022 PERE 100
Strong showings from sector specialists and the return of some familiar faces help private equity real estate’s elite return to form.
The PERE 100 grows from the middle out
Mid-sized managers accounted for an outsized share of the new capital brought to this year’s rankings, with 16 firms clearing $5bn for the first time.
PERE 100 investment volumes are back to breaking records
The global property investment market was in full swing in 2021 with record transaction volumes, writes Tom Leahy, executive director at MSCI – Real Capital Analytics.
Introducing the PERE 200
The inaugural PERE 200 ranking represents a broadening asset class and an increasingly competitive marketplace.
PERE 200: Going deeper on the ranking’s dynamic, competitive second tranche
The second tier of managers in PERE’s ranking of elite fundraisers, introduced this year, shows the depth of the industry and how rising competitors are angling for their shot at glory.
It would surprise few to learn how private real estate capital raising and deployment levels were adversely impacted by the global coronavirus pandemic. In this year’s PERE 100 ranking, the aggregate fundraising total was $510.9 billion, and at just 3.3 percent more than last year, that haul constituted the slowest growth for the ranking since its inception.
Pandemic trips up the PERE 100
The constituents of PERE’s signature ranking of private real estate managers saw their capital markets activities impacted last year, but not knocked off course.
PERE 100 methodology
How we compiled our ranking of the top 100 fundraisers in private real estate.
Five takeaways from this year’s PERE 100
The 2021 ranking reflects more muted fundraising activity during the covid pandemic.
The covid effect on the PERE 100
Even the most dominant in the ranking are seeing a drop in aggregate growth.
PERE 100 returns bolstered in a turbulent year
Aided by the rise of logistics and other property types, opportunistic and value-add managers outperformed their core counterparts.
PERE 100 sees lower investment levels
Hampered transaction activity by the PERE 100 in 2020 was predictable in the circumstances, writes Simon Mallinson, executive managing director at Real Capital Analytics.
Private real estate’s biggest managers keep on getting bigger. It is an ongoing trend that is evident in a quick review of the 2019 and 2020 PERE 100 rankings. In the inaugural PERE 100 ranking, the top 10 managers accounted for $182 billion – or a jaw-dropping 42 percent – of the total $442.3 billion raised over the previous five years.
PERE 100: Private real estate’s tried and tested are covid-19 ready
The constituents of the PERE 100 have enjoyed exponential growth in their fundraising, even as placing capital became harder. The pandemic should relieve that pressure.
10 takeaways from the 2020 PERE 100
What does it take to be a PERE 100 firm? Be big, global and diversified.
Private real estate operations look beyond New York
New York, London and Hong Kong have been thriving hubs and corporate headquarters for the real estate industry for decades. But they might not have the same appeal in the future.
Oak Street scores top PERE 100 debut spot
Consistency in strategy and performance has led to strong investor support for the Chicago-based manager born after the global financial crisis.
Blackstone’s fundraising machine has reached new heights
Outraising its closest competition by $36bn in this year’s PERE 100, the sector’s heavyweight champion continues its dominance of the private real estate sector.
PERE 100’s investing showing first signs of reduction
The ranking’s net investing almost halved in the last 12 months. Restrictions imposed by covid-19 will only further reduce its ability to place capital, writes Simon Mallinson, executive managing director of Real Capital Analytics.
If you want evidence the world’s biggest private equity real estate firms are eating more of the institutional equity allocation pie than ever before, look no further than the inaugural PERE 100 ranking. Formerly, the PERE 30 and PERE 50, the PERE 100 is the first and last word on the capital raising exploits of the world’s top providers of higher risk and return private real estate strategies. The overarching story from this year’s ranking? The biggest are only getting bigger – both in proportionate and absolute terms.
Welcome to the PERE 100
The former PERE 30 and PERE 50 ranking of managers by five-year capital hauls is now 100-strong. Who made the cut? Find out here.
PERE 100: The biggest grow bigger still
Stellar post-crisis performances have seen mega-fund managers dominate PERE’s signature ranking. But are they at their biggest at the worst time?
PERE 100: Charting the ranking’s rise
Blackstone dominates and Wall Street capitulates as North American managers slowly cede ground to the rest of the world. PERE’s signature ranking has seen plenty of comings and goings as it has grown from 30 to 100.
PERE 100 2019: Full ranking and methodology
These are the private equity real estate firms that have enjoyed the highest institutional capital support over the last five years.
PERE 100: Entity deals drive the ranking’s US-heavy activity
Large-cap privatizations stateside contributed to the ranking being a net buying force last year, explains Real Capital Analytics managing director Simon Mallinson
PERE 100: GLP on cashing in on the logistics boom
Global logistics specialist GLP is the only Asian firm to break into the top five in the PERE 100.
PERE 50: Property’s loftiest managers
Higher risk and return preferences from institutional investors has seen PERE’s signature ranking swell.
PERE 50 countdown: 50-40
The first in our six-part countdown of the PERE 50, ranking the private real estate world's top managers.
PERE 50 countdown: 39-30
The second in our six-part countdown of the PERE 50, ranking the private real estate world's top managers.
PERE 50 countdown: 29-20
The third in our six-part countdown of the PERE 50, ranking the private real estate world's top managers.
PERE 50 countdown: 19-11
The fourth in our six-part countdown of the PERE 50, ranking the private real estate world's top managers.
PERE 50 countdown: 10-6
The fifth in our six-part countdown of the PERE 50, ranking the private real estate world's top managers.
PERE 50 countdown: 5-1
The final in our six-part countdown of the PERE 50, ranking the private real estate world's top managers.
DOWNLOAD: A deeper dive into the PERE 50
View (and download) our interactive presentation for a deeper cut into the PERE 50.
Which PERE 50 firms bought and sold the most in 2017
Blackstone may top the latest PERE 50 ranking, but it was neither the biggest net buyer nor net seller last year.
PERE 50 2017: Return of the kings
Industry legends retained their crowns in PERE’s annual ranking of the 50 largest global fund...
PERE 50: The biggest ever
At $271.1 billion, more capital was collected for this year's marquee ranking of private equity real estate firms than any time in its history.
LATEST FUNDRAISING STORIES
OTHER RANKINGS
In addition to the PERE 100, PERE also compile other private real estate rankings.
What’s more, our sister titles also produce their own industry rankings covering private equity, infrastructure investing and private debt.
To view the latest rankings from PERE, plus those from Private Equity International, Infrastructure Investor and Private Debt Investor, simply navigate through the sections below:
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PERE’s comprehensive database is full of intelligence relating to funds being raised worldwide, with key information on target sizes and strategies used.
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