The PERE 100: the world’s largest private real estate companies

Who are the top real estate private equity firms? Find out with PERE’s ranking of the biggest 100 private equity real estate firms in the world.

The PERE 100 list, the top tier of our ranking, is measured by the capital support the firms receive from institutional investors for closed-end private funds and associated vehicles over the last five years. The ranking typically comprises managers with cross-border and multiple asset class strategies, often in more than one region.

PERE 100: TOP 10 MANAGERS

Rank Manager Headquarters Capital raised ($m)
1 Blackstone New York 52,167
2 Brookfield Asset Management New York 29,917
3 Blue Owl Capital* New York 27,588
4 BGO New York 22,675
5 KKR New York 20,727
6 TPG** San Francisco 19,784
7 Starwood Capital Group Miami Beach 17,284
8 The Carlyle Group Washington, DC 16,400
9 GLP Capital Partners Singapore 14,931
10 Ares Management Los Angeles 14,626

*This ranking has been updated to reflect a change in position for Blue Owl after an error in the initial calculation of the firm’s capital raised was corrected.
**Includes dollars raised across TPG and TPG Angelo Gordon real estate businesses

Firms promoted to the PERE 100 from the PERE 200

PERE 200 | TOP PRIVATE REAL ESTATE FIRMS 2024

The second tier of private real estate capital raisers saw aggregate fundraising total remain relatively flat

At $131 billion, there was next to no movement year-on-year in the aggregate total fundraising by the second tier of private real estate capital raisers, compared with last year’s total of $132 billion. On average, managers in this tier saw an average year-on-year growth in fundraising totals of 8.7 percent (excluding new entrants).

PERE 200: TOP 10 MANAGERS

Rank Manager Headquarters Capital raised ($m)
101 ICONIQ Capital San Francisco 1,883
102 Longpoint Boston 1,822
103 Actis London 1,819
104 Valor Real Estate Partners London 1,804
105 PCCP Los Angeles 1,800
106 Patrizia Augsburg 1,789
107 Pantzer Properties New York 1,789
108 KingSett Capital Toronto 1,774
109 Griffin Capital El Segundo 1,725
110 Conversant Capital Summit 1,705

Firms relegated to the PERE 200 from the PERE 100

INSIDE THE PERE 100 & PERE 200

PERE 100 & PERE 200 | METHODOLOGY

The 2025 editions of the PERE 100/200 rankings carry forward the same methodology as the 2024 edition

The 2025 PERE manager rankings are based on the amount of private real estate direct investment capital raised by firms for funds closed between January 1, 2020, and December 31, 2024, as well as for funds that were in market at the end of the counting period.

For the purpose of the rankings, we only count closed-end funds for which the fund manager has full discretion over the investment process, from selection over management to exit. As a consequence, we only accept blind-pool funds in which LPs cannot exercise investment decisions and have no liquidity options before the end of the (multiple years long but finite) fund life, without approval from the GP. Funds must invest solely into private assets, and GP commitments (for interest alignment only) can be included, too.

Capital committed by affiliated entities as well as fund leverage is not eligible. Finally, we do not count fund of funds as well as recycled or rolled-over capital from previous fundraises.

We also count capital raised for co-investments and separately managed accounts, as long as they either fulfill the above criteria, or serve as an “extension” of the main funds’ fundraise, even if the above criteria is not fully met. “Extension” is here defined as vehicles that invest alongside a selection of the portfolio assets of their respective main funds. We do not accept deal-by-deal fundraises.

For funds in market, capital raised via actual LP commitments which were made before the end of the counting period can be included, too. We cannot include commitments made after the end of the counting period, nor do we accept targets or expected commitments.

For open-end funds that launched prior to the beginning of the counting period, we only count capital raised entirely within the five-year counting period.

In line with previous years, only funds that invest in real estate equity following a value-add or opportunistic strategy are considered. Core and core-plus vehicles are not considered in this ranking. Funds may acquire debt tranches; however, the end-goal of the investments made must be ownership of the underlying assets. Funds must also not seek to owning assets in perpetuity but to eventually exit them before the end of the fund life.

PERE 100 & PERE 200 | PREVIOUS RANKINGS

Private real estate’s largest managers are maximizing their chances of fundraising success during a challenging market environment.

However, comparing the 2024 ranking with last year’s league table shows even private real estate’s most prolific capital raisers have had to stomach a slower pace of fundraising, with the PERE 100 losing 3.1 percent year-on-year from its rolling five-year total.

PERE’s ranking of the biggest 100 private equity real estate firms in the world is measured by the capital support the firms receive from institutional investors for closed-end private funds and associated vehicles over the last five years. The ranking typically comprises managers with cross-border and multiple asset class strategies, often in more than one region.

PERE 100 and PERE 200: Money primed for the great reset

Whether risers or fallers, all the managers in this year’s PERE 100 and PERE 200 rankings are gearing up for the change in market cycles.

PERE 100 and 200 Methodology 2023

The 2023 PERE manager rankings are based on the amount of private real estate direct investment capital raised by firms between January 1, 2018 until March 31, 2023.

PERE 100 looks beyond the big two

The PERE 100 has long been dominated by Blackstone and Brookfield. But their superior fundraising masks the relevance of others.

PERE 100: Bought less, sold even less

Transactions by the PERE 100 cohort of managers were down in the year the market cycle turned, but their net investment positions increased, writes Tom Leahy, head of EMEA real assets research at MSCI.

PERE 200: Ranking’s second tier houses capital appeal

Appetite for residential investment has fueled some of the biggest risers in the PERE 200.

PERE 200: Beyond the gateway cities

The latest PERE 200 ranking demonstrates the increasing geographical dispersion of mid-tier real estate managers in the US. By Aisha Kapoor

Our signature ranking of private real estate managers by equity raised for discretionary value-add or opportunistic strategies in the last five years shows how the industry has navigated its way through the pandemic-addled fog and has focused on its recovery.

Indeed, 2022’s ranking is a story of a fundraising market bounceback, with capital raised totaling $637 billion, 24.7 percent more than recorded in the 2021 ranking.

The PERE 100 bounces back

The constituents of PERE’s signature ranking of private real estate managers are back on track following muted activity levels.

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.

Five key takeaways from the 2022 PERE 100

Strong showings from sector specialists and the return of some familiar faces help private equity real estate’s elite return to form.

The PERE 100 grows from the middle out

Mid-sized managers accounted for an outsized share of the new capital brought to this year’s rankings, with 16 firms clearing $5bn for the first time.

PERE 100 investment volumes are back to breaking records

The global property investment market was in full swing in 2021 with record transaction volumes, writes Tom Leahy, executive director at MSCI – Real Capital Analytics.

Introducing the PERE 200

The inaugural PERE 200 ranking represents a broadening asset class and an increasingly competitive marketplace.

PERE 200: Going deeper on the ranking’s dynamic, competitive second tranche

The second tier of managers in PERE’s ranking of elite fundraisers, introduced this year, shows the depth of the industry and how rising competitors are angling for their shot at glory.

It would surprise few to learn how private real estate capital raising and deployment levels were adversely impacted by the global coronavirus pandemic. In this year’s PERE 100 ranking, the aggregate fundraising total was $510.9 billion, and at just 3.3 percent more than last year, that haul constituted the slowest growth for the ranking since its inception.

Pandemic trips up the PERE 100

The constituents of PERE’s signature ranking of private real estate managers saw their capital markets activities impacted last year, but not knocked off course.

PERE 100 methodology

How we compiled our ranking of the top 100 fundraisers in private real estate.

Five takeaways from this year’s PERE 100

The 2021 ranking reflects more muted fundraising activity during the covid pandemic.

The covid effect on the PERE 100

Even the most dominant in the ranking are seeing a drop in aggregate growth.

PERE 100 returns bolstered in a turbulent year

Aided by the rise of logistics and other property types, opportunistic and value-add managers outperformed their core counterparts.

PERE 100 sees lower investment levels

Hampered transaction activity by the PERE 100 in 2020 was predictable in the circumstances, writes Simon Mallinson, executive managing director at Real Capital Analytics.

Private real estate’s biggest managers keep on getting bigger. It is an ongoing trend that is evident in a quick review of the 2019 and 2020 PERE 100 rankings. In the inaugural PERE 100 ranking, the top 10 managers accounted for $182 billion – or a jaw-dropping 42 percent – of the total $442.3 billion raised over the previous five years.

PERE 100: Private real estate’s tried and tested are covid-19 ready

The constituents of the PERE 100 have enjoyed exponential growth in their fundraising, even as placing capital became harder. The pandemic should relieve that pressure.

10 takeaways from the 2020 PERE 100

What does it take to be a PERE 100 firm? Be big, global and diversified.

Private real estate operations look beyond New York

New York, London and Hong Kong have been thriving hubs and corporate headquarters for the real estate industry for decades. But they might not have the same appeal in the future.

Oak Street scores top PERE 100 debut spot

Consistency in strategy and performance has led to strong investor support for the Chicago-based manager born after the global financial crisis.

Blackstone’s fundraising machine has reached new heights

Outraising its closest competition by $36bn in this year’s PERE 100, the sector’s heavyweight champion continues its dominance of the private real estate sector.

PERE 100’s investing showing first signs of reduction

The ranking’s net investing almost halved in the last 12 months. Restrictions imposed by covid-19 will only further reduce its ability to place capital, writes Simon Mallinson, executive managing director of Real Capital Analytics.

If you want evidence the world’s biggest private equity real estate firms are eating more of the institutional equity allocation pie than ever before, look no further than the inaugural PERE 100 ranking. Formerly, the PERE 30 and PERE 50, the PERE 100 is the first and last word on the capital raising exploits of the world’s top providers of higher risk and return private real estate strategies. The overarching story from this year’s ranking? The biggest are only getting bigger – both in proportionate and absolute terms.

Welcome to the PERE 100

The former PERE 30 and PERE 50 ranking of managers by five-year capital hauls is now 100-strong. Who made the cut? Find out here.

PERE 100: The biggest grow bigger still

Stellar post-crisis performances have seen mega-fund managers dominate PERE’s signature ranking. But are they at their biggest at the worst time?

PERE 100: Charting the ranking’s rise

Blackstone dominates and Wall Street capitulates as North American managers slowly cede ground to the rest of the world. PERE’s signature ranking has seen plenty of comings and goings as it has grown from 30 to 100.

PERE 100 2019: Full ranking and methodology

These are the private equity real estate firms that have enjoyed the highest institutional capital support over the last five years.

PERE 100: Entity deals drive the ranking’s US-heavy activity

Large-cap privatizations stateside contributed to the ranking being a net buying force last year, explains Real Capital Analytics managing director Simon Mallinson

PERE 100: GLP on cashing in on the logistics boom

Global logistics specialist GLP is the only Asian firm to break into the top five in the PERE 100.

PERE 50: Property’s loftiest managers

Higher risk and return preferences from institutional investors has seen PERE’s signature ranking swell.

PERE 50 countdown: 50-40

The first in our six-part countdown of the PERE 50, ranking the private real estate world's top managers.

PERE 50 countdown: 39-30

The second in our six-part countdown of the PERE 50, ranking the private real estate world's top managers.

PERE 50 countdown: 29-20

The third in our six-part countdown of the PERE 50, ranking the private real estate world's top managers.

PERE 50 countdown: 19-11

The fourth in our six-part countdown of the PERE 50, ranking the private real estate world's top managers.

PERE 50 countdown: 10-6

The fifth in our six-part countdown of the PERE 50, ranking the private real estate world's top managers.

PERE 50 countdown: 5-1

The final in our six-part countdown of the PERE 50, ranking the private real estate world's top managers.

DOWNLOAD: A deeper dive into the PERE 50

View (and download) our interactive presentation for a deeper cut into the PERE 50.

Which PERE 50 firms bought and sold the most in 2017

Blackstone may top the latest PERE 50 ranking, but it was neither the biggest net buyer nor net seller last year.

PERE 50 2017: Return of the kings

Industry legends retained their crowns in PERE’s annual ranking of the 50 largest global fund...

PERE 50: The biggest ever

At $271.1 billion, more capital was collected for this year's marquee ranking of private equity real estate firms than any time in its history.

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OTHER RANKINGS

In addition to the PERE 100, PERE also compile other private real estate rankings.

What’s more, our sister titles also 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:

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