PERE 200

For nearly a decade, the driving force for change in the industry has been M&A activity. But consolidation does not equal innovation.

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.

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

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

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.

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.

A recent dearth of $5bn-plus fund closes in this year’s PERE 100 ranking masks the opportunity for such products.

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

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

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