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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
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
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
PERE 100 and 200 Methodology 2023
PERE 100 looks beyond the big two
PERE 100: Bought less, sold even less
PERE 200: Ranking’s second tier houses capital appeal
PERE 200: Beyond the gateway cities
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
PERE 100 methodology 2022
Five key takeaways from the 2022 PERE 100
The PERE 100 grows from the middle out
PERE 100 investment volumes are back to breaking records
Introducing the PERE 200
PERE 200: Going deeper on the ranking’s dynamic, competitive second tranche
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
PERE 100 methodology
Five takeaways from this year’s PERE 100
The covid effect on the PERE 100
PERE 100 returns bolstered in a turbulent year
PERE 100 sees lower investment levels
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
10 takeaways from the 2020 PERE 100
Private real estate operations look beyond New York
Oak Street scores top PERE 100 debut spot
Blackstone’s fundraising machine has reached new heights
PERE 100’s investing showing first signs of reduction
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
PERE 100: The biggest grow bigger still
PERE 100: Charting the ranking’s rise
PERE 100 2019: Full ranking and methodology
PERE 100: Entity deals drive the ranking’s US-heavy activity
PERE 100: GLP on cashing in on the logistics boom
PERE 50: Property’s loftiest managers
PERE 50 countdown: 50-40
PERE 50 countdown: 39-30
PERE 50 countdown: 29-20
PERE 50 countdown: 19-11
PERE 50 countdown: 10-6
PERE 50 countdown: 5-1
DOWNLOAD: A deeper dive into the PERE 50
Which PERE 50 firms bought and sold the most in 2017
PERE 50 2017: Return of the kings
PERE 50: The biggest ever
LATEST FUNDRAISING STORIES
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 International, Infrastructure 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.