At the end of Q1 2015, data from PERE Research & Analytics reveals that firms headquartered in New York raised a total $18.6 billion, the most amount of any city. This figure already represents 78% of the $23.9 billion raised by firms headquartered in New York in 2014, and is due in large part to the close of Blackstone Real Estate Partners VIII, which raised a total of $15.8 billion. Greenwich, Connecticut ranked second on the list as the headquarters of Starwood Capital Group, which closed its Distressed Opportunity Fund X in March with $5.6 billion in commitments. Two other American cities, Los Angeles and Chicago, made the top 5 – the former primarily due to the $1.8 billion in aggregate funds raised by Ares Management and the latter entirely due to the $1 billion in aggregate raised by Harrison Street Real Estate Capital’s two opportunity funds.
Firms headquartered in the United Kingdom held various closings throughout the quarter, most notably London-based Legal & General Investment Management’s PGGM joint venture, which raised £375 million, and Edinburgh-based Kames Capital’s UK Active Value Property Fun, which raised £275 million. Notable fund closes in Asia include Singapore-based SC Capital’s Real Estate Capital Asia Partners (RECAP) IV, which raised $850 million, and Tokyo-based Diamond Realty Management’s EPF Core-Plus Logistics Separate Account, which raised $350 million.