PERE 100 methodology 2022

The 2022 PERE manager ranking is based on the amount of private real estate direct investment capital raised by firms between January 1, 2017 until March 31, 2022.

Where two firms have raised the same amount of capital over this time period, the higher rank goes to the firm with the largest active pool of capital raised since 2017 (ie, the biggest single fund). If there is still a ‘tie’ after taking into account the size of a single fund, we give greater weight to the firm that has raised the most capital within the past year.

We give highest priority to information that we receive from or confirm with the private real estate firms themselves. When private real estate firms confirm 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 cooperation 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.

What counts?

Structures

  • Limited partnerships
  • Co-investment/side-car vehicles
  • Seed capital or manager commitment

Strategies

  • Opportunistic
  • Value-add

What does not count?

  • Expected capital commitments
  • Capital raised for open-ended funds that falls outside the counting period
  • Public funds
  • Funds of funds
  • Non-discretionary vehicles
  • Secondaries vehicles
  • Core strategies
  • Core-plus strategies
  • Private equity funds
  • Infrastructure funds
  • Hedge funds
  • Capital raised on a deal-by-deal basis
  • Debt issuing funds