The inaugural PERE 200 ranking represents a broadening asset class and an increasingly competitive marketplace.
PERE’s inaugural list of the top 200 private real estate firms highlights just how far the industry has come since a handful of New York investment banks started institutionalizing the asset class in the 1990s. Capital raising in the asset class has become far broader and deeper in terms of sector, geography and strategy, and competition is fiercer than ever. In fact, 15 firms that were in PERE’s top 100 list in 2021 have slipped into this new second tier, including a couple of managers that moved down the ranking despite raising more capital they had the year before.
The private real estate industry has undergone a dramatic maturation since PERE launched in 2005. In the inaugural PERE 30 ranking in 2008, the fundraising cut-off was $2.26 billion. The minimum threshold for this year’s PERE 100 ranking – a list more than three times the size of the original – was $1.86 billion.
Many recognizable names fill the roster of 101-200. Legacy players like JPMorgan Asset Management and PineBridge Benson Elliot are on this section of the list. Multi-asset managers that are taking a renewed focus on real estate, like Barings, also make the second tier.
Featuring prominently on the second 100 list are specialist managers, which investors have been rewarded for their more targeted approaches. Of the five managers with the biggest jumps in fundraising totals, four – Bellco Capital, Cresset Partners, Dermody Properties and Seavest Investment Group – specialized in a particular segment of the market.
The second tier is also a geographically diverse group, many with headquarters in dynamic and fast-growing cities such as Austin, Texas and Hamburg, Germany – rather than the tradition global gateway markets. It further underscores the fact that a manager no longer needs to b Wall Street to make a big splash in private real estate fundraising.
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Rank – Firm
1 Blackstone
2 Brookfield Asset Management
3 Starwood Capital Group
4 ESR
5 GLP
6 The Carlyle Group
7 BentallGreenOak
8 AEW
9 Cerberus Capital Management
10 Ares Management
11 Gaw Capital Partners
12 Rockpoint Group
13 Bridge Investment Group
14 Tishman Speyer
15 Pretium Partners
16 KKR
17 Angelo Gordon
18 EQT Exeter
19 Apollo Global Management
20 Bain Capital
21 CBRE Investment Management
22 Oak Street, A Division of Blue Owl
23 LaSalle Investment Management
24 TPG
25 PAG
26 Harrison Street Real Estate Capital
27 Sino-Ocean Capital
28 Hines
29 Rockwood Capital
30 AXA IM Alts
31 Greystar Real Estate Partners
32 Crow Holdings Capital
33 Aermont Capital
34 Pacific Investment Management Co. (PIMCO)
35 Morgan Stanley Real Estate Investing
36 Goldman Sachs Asset Management Real Estate
37 Partners Group
38 Lone Star Funds
39 Harbor Group International
40 CIM Group
41 Invesco Real Estate
42 Henderson Park Capital Partners
43 IPI Partners
44 Rialto Capital Management
45 Fortress Investment Group
46 Almanac Realty Investors
47 StepStone Group
48 Oaktree Capital Management
49 PGIM Real Estate
50 Heitman
51 BlackRock
52 Kayne Anderson Capital Advisors
53 Tricon Residential
54 DivcoWest
55 Artemis Real Estate Partners
56 Keppel Capital
57 DRA Advisors
58 Westbrook Partners
59 Nuveen Real Estate
60 Schroders Capital
61 Centerbridge Partners
62 Sculptor Capital Management
63 HIG Realty Partners
64 Tristan Capital Partners
65 PCCP
66 NREP
67 Azora
68 Lionstone Investments
69 FPA Multifamily
70 GTIS Partners
71 Asana Partners
72 Warburg Pincus
73 DLE Group
74 Harbert Management Corporation
75 Square Mile Capital
76 Patrizia
77 Waterton
78 M7 Real Estate
79 Prologis
80 Ardian
81 Walton Street Capital
82 Wheelock Street Capital
83 GLP Capital Partners
84 Kennedy Wilson
85 Baring Private Equity Asia
86 DNE
87 Kildare Partners
88 Related Companies
89 TA Realty
90 COIMA
91 IGIS Asset Management
92 Canyon Partners
93 Cabot Properties
94 Berkshire Residential Investments
95 Enterprise Community Partners
96 Capman
97 Signal Capital Partners
98 Beacon Capital Partners
99 FCP
100 RoundShield Partners
101 Prospect Ridge
102 Westport Capital Partners
103 Dermody Properties
104 Orion Capital Partners
105 Areim
106 Phoenix Property Investors
107 Bellco Capital
108 Avanath Capital Management
109 Pennybacker Capital Management
110 Empira
111 JPMorgan Asset Management
112 Abacus Capital Group
113 Pictet Alternative Advisors
114 Bell Partners
115 ActivumSG
116 Europa Capital
117 Southwest Value Partners
118 MARK
119 Lubert-Adler Real Estate Funds
120 The Praedium Group
121 Spear Street Capital
122 Seavest Investment Group
123 Momeni Investment Management
124 Phoenix Capital Holdings
125 Hony Capital
126 Slate Asset Management
127 Cresset Partners
128 Mesirow
129 Singerman Real Estate
130 Carmel Partners
131 PineBridge Benson Elliot
132 Gohigh Capital
133 Noble Investment Group
134 NIAM
135 Barings
136 Dune Real Estate Partners
137 Equus Capital Partners
138 Yoo Capital
139 Elite Partners Capital
140 HighBrook Investors
141 AIG Global Real Estate
142 Whitman Peterson
143 The Milestone Group
144 BC Partners
145 Woodbourne Capital Management
146 ICAMAP
147 Pantzer Properties
148 JEN Partners
149 LEM Capital
150 Covenant Capital Group
151 CapitaLand
152 Portfolio Advisors
153 NYL Investors
154 CapRock Partners
155 JRK Property Holdings
156 Longpoint Realty Partners
157 Osso Capital
158 Blue Vista Capital Management
159 MDH Partners
160 American Landmark Apartments
161 Stockbridge
162 CITIC Capital
163 Merlone Geier Partners
164 LBA Realty
165 Arc70 Capital
166 Virtus Real Estate Capital
167 Argosy Capital
168 Principal Global Investors
169 Patron Capital Partners
170 RockBridge
171 Taconic Capital
172 Chelsfield
173 Macquarie Asset Management
174 SC Capital Partners
175 MCR Hotels
176 Realterm
177 Cortland
178 IMT Capital
179 Stonelake Capital Partners
180 The Green Cities Company
181 Bow River Capital
182 Northwood Investors
183 The Davis Companies
184 Paramount Group
185 CORESTATE Capital Holdings
186 AllianceBernstein
187 Turner Impact Capital
188 Bainbridge ZKS
189 Interstate Equities Corporation
190 KaiLong
191 Edge Principal Advisors
192 Prime Group Holdings
193 Peakside Capital Advisors
194 Hemisferio Sul Investimentos
195 Savanna Investment Management
196 Rubenstein Partners
197 Elion Partners
198 Revcap
199 Penwood Real Estate Investment Management
200 Hackman Capital Partners
