How we compiled the 2023 Global Investor 100

The methodology for the Global Investor 100 ranking.

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.

What counts?

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.

What does not count?

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.

Research process

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 –