This year’s iteration of the guide carries forward the same methodology from previous years. The 2025 guide is based on the amount of private real estate direct investment capital raised by funds that closed between January 1, 2020, and December 31, 2024, as well as capital raised by funds that were in market at the end of the five-year counting period.
In line with previous years, only value-add and opportunistic vehicles dedicated solely to the Asia-Pacific region are considered. Multi-regional funds having an allocation to APAC are not counted.
This year, the guide highlights a more selective ranking of the top 40 firms, compared with last year’s list of 50 APAC fund managers.
We give highest priority to information that we receive from or confirm directly with the private real estate firms themselves. When confirming 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 co-operation 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.
