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 | 63,457 |
2 | Brookfield Asset Management | Toronto | 39,797 |
3 | TPG* | Fort Worth, TX | 24,020 |
4 | BGO | New York | 19,026 |
5 | GLP Capital Partners | Singapore | 16,842 |
6 | Cerberus Capital Management | New York | 15,884 |
7 | Blue Owl Real Estate** | Chicago | 15,361 |
8 | Ares Management | Los Angeles | 15,272 |
9 | Hines | Houston | 14,003 |
10 | ESR Group | Hong Kong | 13,841 |
*Includes dollars raised across TPG and TPG Angelo Gordon real estate businesses
**Formerly known as Oak Street
Firms promoted to the PERE 100 from the PERE 200
The second tier of private real estate capital raisers defied the odds of an increasingly competitive market to post a new record aggregate fundraising total
The PERE 200 managers raised, in aggregate, $132.1 billion the past five years, up 8.4 percent on 2023’s total and the highest amount since the ranking’s inception in 2022. On average, managers in this tier saw an average year-on-year growth in fundraising totals of 2.18 percent (excluding new entrants).
PERE 200: TOP 10 MANAGERS
Rank | Manager | Headquarters | Capital raised ($m) |
---|---|---|---|
101 | RoundShield Partners | St Helier, Jersey | 2,114 |
102 | Wheelock Street Capital | Greenwich, CT | 2,106 |
103 | Areim | Stockholm | 2,094 |
104 | Prologis | San Francisco | 2,015 |
105 | CrossHarbor Capital Partners | Boston | 2,005 |
106 | DFI | London | 1,994 |
107 | Barings | Charlotte | 1,886 |
108 | Fundamental Advisors | New York | 1,880 |
109 | SC Capital Partners | Singapore | 1,854 |
110 | Patron Capital Partners | London | 1,790 |
Firms relegated to the PERE 200 from the PERE 100
PERE 100 & PERE 200 | METHODOLOGY
While the 2024 edition of the PERE 100/200 rankings carry forward the same methodology as previous years, there is one critical change.
The 2024 PERE manager rankings are based on the amount of private real estate direct investment capital raised by firms for funds closed between January 1, 2019 and December 31, 2023 as well as for funds that were in market at the end of the counting period. Importantly, in line with previous years, only value-add and opportunistic vehicles are considered.
This year, the counting period of the ranking has been adjusted from five years and three months previously to precisely five years. This is to allow for a better comparison against other GP rankings published by PERE’s affiliate publications.
We give highest priority to information that we receive from or confirm with the private real estate firms themselves. When these 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 co-operation 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.
Structures
- Limited partnerships
- Co-investment/side-car vehicles
- Seed capital or manager commitment
Strategies
- Opportunistic
- Value-add
- 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
PERE 100 & PERE 200 | PREVIOUS RANKINGS
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
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.