Welcome to this year’s Global Investor 100 ranking of institutional investors by equity invested in private real estate. It is, once again, bigger than before; aggregate exposure to the asset class in 2023 is $1.78 trillion.
GLOBAL INVESTOR 100 | OVERVIEW
Growth has slowed since the top 100 investors saw a prolific recovery in 2022 following the covid-19 crisis. This year’s total is 4.5 percent greater than last year’s, which was 13.5 percent bigger than in 2021, when the world was stifled by the effects of the global pandemic.
In a sector still so dependent on significant leverage to perform, even for these organizations with their large amounts of equity, soaring interest rates were always going to hinder the expansion of their portfolios.
Whether curtailed from investing like before, or because more focus is needed on managing or divesting assets, the net result for many institutions has been a drop in outlays, whether direct or via commitments to indirect structures. The denominator impact has also played a part, with valuation movements in other asset classes impacting what these investors do in private real estate.
Within this big picture there is plenty of nuance. The decline of European institutions’ tumble down the ranking and a surge in deployment by the top-ranked investor on the list, Singapore’s GIC, are two standout stories.
GLOBAL INVESTOR 100 | METHODOLOGY
We base the Global Investor 100 on the fair value of investors’ private real estate investment portfolios, both through third-party managed investment vehicles and direct investments. This fair value is measured at a single point in time for all investors to provide an apples-to-apples comparison. For the 2023 ranking, this is December 31, 2022. This is an end investor ranking and excludes assets managed on behalf of third-party investors as can be the case with certain insurance companies.
Private real estate: The definition of private real estate, for the purposes of the Global Investor 100, is property used for commercial/business purposes, such as offices, hotels, retail, industrial and numerous other niche property types, as well as multifamily/apartment properties. It may include portfolios of single-family houses, assembled via an institutional platform.
Fair value of private real estate portfolio: The fair value of the investment portfolio covers capital definitively invested in real estate either directly or indirectly. In the case of direct investments, it means equity invested in a property or properties. In the case of indirect investments, it means equity invested via a private real estate investment vehicle operated with discretion by a third party such as a separate account, joint venture, commingled fund or other structured vehicle.
PERE’s Research & Analytics team corresponded directly with investors to confirm the total value of their private equity real estate investments as described above.
In the absence of primary data, the team gathered information from secondary sources and sought to validate the researched figure with the investors themselves before publishing this ranking. We do not disclose which institutions have provided information on a primary basis. For further clarification, contact Wassyl Abdessemed – wassyl.a@pei.group.
• Non-proprietary capital: As this is an end investor ranking, we do not count capital raised or managed on behalf of third-party investors. So private real estate funds or funds of funds are not considered in this ranking.
• REITs and real estate company shares: We consider these to be stock investments and part of an institution’s equity portfolio, regardless of how an individual institution may classify it.
• Direct debt investments: We exclude mortgages or mortgage-backed securities, structured debt investments or any direct investments in the debt of real estate companies.
• Expected commitments: We do not count pending or future commitments and investments or the uncommitted portion of an institution’s target allocation.
• Infrastructure: Investments either directly or through funds into infrastructure projects or energy assets.
• Hedge funds: These primarily target liquid securities or trading strategies.
GLOBAL INVESTOR 100 | PREVIOUS RANKINGS
Global Investor 100 2022: The full ranking
Top five takeaways from the 2022 GI 100
Tracking the 2022 GI 100’s movers and shakers
How we compiled the 2022 Global Investor 100
Macquarie Asset Management: Market volatility and dislocation may create opportunities for investors
Global Investor 100: The full ranking
Top five takeaways from the 2021 GI 100
How we compiled the 2021 Global Investor 100
Macquarie Asset Management: Investors are shifting focus further to through-cycle strategies
Investor roundtable: Global real estate positioning in the age of covid
The GI 100 in numbers
ADIA plots strategic pivot as outside noise escalates
Currency movements reshuffle the GI 100
GPIF: The sleeping giant awakens
Macquarie Asset Management on partnering with operating businesses
Macquarie Asset Management on why logistics has not reached peak pricing yet
Macquarie Asset Management on why ESG must be the first item on the checklist
DOWNLOAD: Private real estate’s biggest capitalizers
Global Investor 100: The full ranking
Top five takeaways from the 2020 Global Investor 100
How we compiled the 2020 Global Investor 100
Institutional capital remains drawn to real estate
Tales from the Global Investor 100’s top 10
Six takeaways from the GI 100 report
MIRA Real Estate on how covid-19 has accelerated market trends
MIRA Real Estate: Investors are turning a deaf ear to US political noise
MIRA Real Estate: European real estate still a good relative play
MIRA Real Estate: Investors keep faith with Asia-Pacific
What does falling GDP mean for property investors?
MIRA Real Estate on why the industry’s future is bright
Welcome to the PERE Global Investor 50
MIRA Real Estate on the tailwinds for property values in 2020
Knocking on the door of the GI 50
MIRA Real Estate on why economics trumps politics in the Americas
SWFs hit the pause button on real estate buying
European insurers lead on private real estate activity
Great White North sets the gold standard for direct investment
MIRA Real Estate on why European property is still the best game in town
Trendlines over headlines at European pension funds
MIRA Real Estate on why Asia-Pacific will be stronger for longer
How to prepare for a downward valuation cycle
MIRA Real Estate on keeping up with changing times
Global Investor 50: Leading lights
GI 50 2018 countdown: 50-40
GI 50 2018 countdown: 39-30
GI 50 2018 countdown: 29-20
GI 50 2018 countdown: 19-11
GI 50 2018 countdown: 10-6
GI 50 2018 countdown: 5-1
GI 50: Looking through the cycle
GI 50: Off the beaten path
GI 50: Going global in a changing world
GI 50: A China story
GI 50: Principally speaking
LATEST NEWS
OTHER RANKINGS
In addition to the PERE Global Investor 100, PERE also compile other private real estate rankings.
What’s more, our sister titles 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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