PERE 200

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.

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.

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.

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.