Database key terms and methodology

What is in the database?

The PERE database holds live information on institutional investors, fund managers and private funds, including co-investments and other related vehicles. In addition to this, it also holds live information about service providers such as placement agents, investment consultants and fund formation law firms.

What do we mean by private real estate?

For the purposes of the Database, private real estate is defined as capital raised through limited partnership structures, co-investment funds, separate accounts, private mandates and other similar investment vehicles for the dedicated purpose of investing in the acquisition, financing, and/or ownership of property.

Our definition of private real estate does not include:

  • Publicly traded REITs and real estate company stocks: these are considered to be stock investments and part of an institution’s equity portfolio
  • Mortgages or mortgage-related securities: these are considered to be fixed-income investments
  • Private equity
  • Infrastructure
  • Agriculture
  • Structured debt: these instruments, such as collateralized bond obligations and collateralized debt obligations, are considered fixed-income investments and representative of that portfolio

What strategies do we cover?

  • Core
  • Core-plus
  • Value-add
  • Opportunistic
  • Proptech
  • Debt
  • Secondaries
  • Fund of funds
  • Co-investment

What sectors do we cover?

  • Healthcare
  • Hospitality
  • Industrial
  • Multifamily / residential
  • Office
  • Retail
  • Student housing

How do we calculate fundraising statistics?

Our quarter-end and full-year fundraising statistics count the final closes of all funds and vehicles with fund-like economics (including co-investments, separate accounts and private mandates) with a closed-ended structure, which meet the above criteria.

Fund in market statistics count closed-ended funds and associated vehicles (co-investments, separate accounts and private mandates) that have launched and/or have held interim closes but have not yet held a final close.

We track the equity capital committed to a fund by institutional investors as well as the equity capital contributed by the GP. Leverage is not included in the size of a fund; we do not count total investable capital.

Our fundraising statistics are all given in a US dollar denomination. To calculate conversion rates for funds that do not have a US dollar-denomination we use an average exchange rate for the year in which a fund held a final close. For funds in market we use the exchange rate for the day in which the statistics are created. For example, Q1 statistics will likely use an exchange rate that is correct as at April 1. All exchange rates are taken from www.xe.com.

Open-ended/evergreen funds, public REITs and real estate securities are not included in our private real estate fundraising statistics.

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