PERE Global Investor 100 – The Top Private Real Estate Investors

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.

Review the ranking table and no doubt you will spot more.

EXPLORE THE GLOBAL INVESTOR 100

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

It’s all change at the top of this year’s rankings.

Top five takeaways from the 2022 GI 100

Our Global Investor 100 report returns with a new investor taking the top position.

Tracking the 2022 GI 100’s movers and shakers

Since our 2021 Global Investor 100 ranking, there have been notable rises and falls among the asset class’s top investors.

How we compiled the 2022 Global Investor 100

The methodology for the Global Investor 100 ranking.

Macquarie Asset Management: Market volatility and dislocation may create opportunities for investors

Widening discounts for secondaries assets and softening prices for development sites are among the opportunities to leverage, according to David Roberts, global head of real estate strategy at Macquarie Asset Management.

Global Investor 100: The full ranking

Real estate’s biggest institutions have almost $1.5trn invested in the asset class.

Top five takeaways from the 2021 GI 100

There is change at the top of the GI 100 ranking and sustainability is becoming a priority for investors.

How we compiled the 2021 Global Investor 100

The methodology for the Global Investor 100 ranking.

Macquarie Asset Management: Investors are shifting focus further to through-cycle strategies

Rod Cornish, managing director, and David Roberts, associate director, Macquarie Asset Management on the key themes defining the current real estate investment landscape

Investor roundtable: Global real estate positioning in the age of covid

Some of the planet’s biggest investors discuss strategies for extracting maximum performance from real estate as the pandemic continues.

The GI 100 in numbers

Breaking down the GI 100's nearly $1.5trn allocation to real estate.

ADIA plots strategic pivot as outside noise escalates

The United Arab Emirates’ pre-eminent sovereign wealth fund wants to demonstrate control of its real estate department. Outsiders are not seeing it.

Currency movements reshuffle the GI 100

The depreciation of the US dollar has buoyed Europe and Asia-Pacific-based institutions in this year’s ranking.

GPIF: The sleeping giant awakens

The pension has dived into real estate co-investments and joint ventures for the first time this year via a mandate with CBRE Global Investment Partners.

Macquarie Asset Management on partnering with operating businesses

Jelte Bakker and James Kemp of Macquarie Asset Management on why partnering with an operating business provides access to real estate and boosts investment performance

Macquarie Asset Management on why logistics has not reached peak pricing yet

The future looks bright, given the favorable structural tailwinds, say Macquarie Asset Management’s Christian Goebel and Eric Wurtzebach.

Macquarie Asset Management on why ESG must be the first item on the checklist

Sustainability is now high on investors’ and managers’ agendas, with both having an increased desire to allocate capital to resilient, affordable housing, say Macquarie Asset Management’s Erin Ledger-Beaupre and Dana Gibson.

DOWNLOAD: Private real estate’s biggest capitalizers

Welcome to the Global Investor 100, PERE’s annual ranking of the asset class's top institutional investors, based on the market value of their private real estate investment portfolios.

Global Investor 100: The full ranking

Our annual ranking reveals the 100 largest institutional real estate investors in the world.

Top five takeaways from the 2020 Global Investor 100

This year’s expanded ranking reflects a top 10 with a unique set of characteristics and a boost in representation for certain geographies and investor types.

How we compiled the 2020 Global Investor 100

The methodology for the Global Investor 100 ranking.

Institutional capital remains drawn to real estate

Though new relationships are still on hold throughout much of the world, many kinds of investors are still finding ways to grow their real estate exposure.

Tales from the Global Investor 100’s top 10

As North American pensions fade out of the top of the ranking, insurers are emerging as the new powerhouses for real estate investments globally.

Six takeaways from the GI 100 report

New challenges have emerged to shake investor confidence in 2020, but the real estate ship has stayed afloat.

MIRA Real Estate on how covid-19 has accelerated market trends

Rod Cornish, managing director, and David Roberts, associate director of Macquarie Infrastructure and Real Assets explain how the pandemic is having mixed fortunes for the global real estate sector.

MIRA Real Estate: Investors are turning a deaf ear to US political noise

Capital providers must avoid being distracted by the country’s feverish political climate and focus instead on long-term structural trends when evaluating the potential of US property, argue Allianz’s Christoph Donner and MIRA’s Eric Wurtzebach

MIRA Real Estate: European real estate still a good relative play

Executives from reinsurer Hannover Re and manager GLL debate how investors can strike the correct balance between risk and return in the region’s pandemic-hit property market.

MIRA Real Estate: Investors keep faith with Asia-Pacific

The region’s sound fundamentals and long-term growth opportunities mean well-capitalized institutions will continue to look for opportunities in markets like China, say executives from MIRA and CPPIB.

What does falling GDP mean for property investors?

Pressure on rent streams, increased rent volatility and an increased need to compete for tenants, says LCI Real Estate Investments’ founding partner William Schwab.

MIRA Real Estate on why the industry’s future is bright

MIRA’s head of real estate Brett Robson explains why there is cause for optimism heading into 2021, despite the coronavirus pandemic.

Welcome to the PERE Global Investor 50

Now in its sixth year, the PERE Global Investor 50 highlights the largest institutional real estate investors in the world based on the market value of investors’ private real estate portfolios. PERE’s Research & Analytics team carried out primary and secondary research on over 100 institutions to produce this ranking. We look forward to publishing it in 2020.

MIRA Real Estate on the tailwinds for property values in 2020

Lower interest rates and healthy demand will support property values in the coming year, say Rod Cornish, managing director, and David Roberts, associate director of Macquarie Infrastructure and Real Assets.
Open door

Knocking on the door of the GI 50

The 10 institutional investors looking to get into the PERE ranking.

MIRA Real Estate on why economics trumps politics in the Americas

Ignore the increasingly feverish political climate: a healthy US economy is still a big draw for investors in the Americas, argue executives from Allianz, Ivanhoé Cambridge and MIRA Real Estate.

SWFs hit the pause button on real estate buying

High-profile real estate acquisitions by sovereign wealth funds slowed in 2019 as the institutions focused more on disposals.

European insurers lead on private real estate activity

Major transactions in Europe and Asia-Pacific have helped push Allianz, AXA and Swiss Life to the top 10 of PERE’s GI 50.

Great White North sets the gold standard for direct investment

Canada’s public pensions led the way for North American direct investment in global real estate, playing roles in some of 2019's largest acquisitions.

MIRA Real Estate on why European property is still the best game in town

Modest growth is expected in European property markets as macro-economic momentum dissipates, but the sector still offers attractive returns, say experts from Allianz, Ivanhoé Cambridge and MIRA Real Estate.

Trendlines over headlines at European pension funds

The region's pension managers say they are focusing on demographics, demand shifts and tech trends - as reflected in some of their largest deals this year.

MIRA Real Estate on why Asia-Pacific will be stronger for longer

Benign interest rates with continued urbanization and economic growth, supports the case for Asia-Pacific real estate, say investors.

How to prepare for a downward valuation cycle

Price matters if your mission is to maximize economic returns over a long investing horizon, writes Bill Schwab, principal at Real Estate Investments.

MIRA Real Estate on keeping up with changing times

The built environment is undergoing rapid evolution across the world due to structural and macroeconomic trends. Brett Robson, head of real estate, tells PERE how MIRA Real Estate is adapting its business to stay ahead and stay competitive.

Global Investor 50: Leading lights

PERE’s 2018 ranking of the biggest private real estate investors.

GI 50 2018 countdown: 50-40

We kick off our countdown of PERE's Global Investor 50, ranking the private real estate investment world’s top names.

GI 50 2018 countdown: 39-30

We continue our countdown of PERE's Global Investor 50, ranking the private real estate investment world’s top names.

GI 50 2018 countdown: 29-20

We continue our countdown of PERE's Global Investor 50, ranking the private real estate investment world’s top names.

GI 50 2018 countdown: 19-11

We continue our countdown of PERE's Global Investor 50, ranking the private real estate investment world’s top names.

GI 50 2018 countdown: 10-6

We continue our countdown of PERE's Global Investor 50, ranking the private real estate investment world’s top names.

GI 50 2018 countdown: 5-1

We wrap up with the leaders in our countdown of PERE's Global Investor 50, ranking the private real estate investment world’s top names.

GI 50: Looking through the cycle

Investment strategies focused on long-term structural themes and defensive cashflows are set to outperform across cycles, write Rod Cornish and David Roberts of Macquarie Capital

GI 50: Off the beaten path

Erin Ledger-Beaupre talks with CPPIB about its real estate portfolio growth in a mature cycle and why partnering with specialist managers is critical, especially in niche sectors.

GI 50: Going global in a changing world

Macquarie Capital Real Estate Investments’ Zahar Mejanni seeks insights from PFA’s Michael Bruhn on how to construct a worldwide investment strategy in a rapidly evolving market.

GI 50: A China story

CPPIB’s Guy Fulton speaks with Michael Chan of Macquarie Capital Real Estate Investments about its current investment strategy in China. Mark Cooper listens in

GI 50: Principally speaking

Brett Robson and Jelte Bakker of Macquarie Capital explain to Jonathan Brasse why the firm’s move into real estate principal investing was an opportunity to be embraced.

Subscribe now to gain unlimited access to our latest insights, analysis and reports

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 InternationalInfrastructure Investor and Private Debt Investor, simply navigate through the sections below:

SEEN OUR DATABASE?

PERE’s comprehensive database is full of intelligence relating to funds being raised worldwide, with key information on target sizes and strategies used.

Find out more now >

pere
pere

Copyright PEI Media

Not for publication, email or dissemination