| Rank | Manager | Headquarters | Capital raised for APAC ($m) |
|---|---|---|---|
| 1 | ESR Group | Hong Kong | 15,883 |
| 2 | GLP Capital Partners | Singapore | 11,567 |
| 3 | Gaw Capital Partners | Hong Kong | 11,470 |
| 4 | PAG | Hong Kong | 9,368 |
| 5 | Blackstone | New York | 8,453 |
| 6 | DNE | Shanghai | 7,730 |
| 7 | Sino-Ocean Capital | Beijing | 7,143 |
| 8 | BGO | New York | 5,629 |
| 9 | TPG Angelo Gordon | New York | 5,072 |
| 10 | CapitaLand Investment | Singapore | 4,880 |
While this year’s iteration of the guide carries forward the same methodology from previous years, there is one critical change.
The 2024 guide is based on the amount of private real estate direct investment capital raised by funds that closed between January 1, 2019, and December 31, 2023, as well as capital raised by funds that were in market at the end of the counting period.
In line with previous years, only value-add and opportunistic vehicles dedicated solely to the Asia-Pacific region are considered. Multi-regional funds having an allocation to APAC are not counted.
This year, the counting period of the ranking has been adjusted from previously five years and three months to precisely five years 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 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.
The PERE APAC Fund Manager Guide, tracking capital raised for Asia-Pacific-focused funds, is back and bigger than ever. The 50 firms listed this year have raised over $140 billion over a five-year period and, while fundraising is showing signs of deceleration this year, managers continue to raise capital – particularly if it is to invest in the ‘new economy’ verticals.
Asia-Pacific is breaking the mold. While PERE data shows global private real estate fundraising was down in H1 2022, dipping 14 percent from a year prior to achieve its lowest half-year total (at $72 billion) since 2012, in Asia-Pacific the region was setting a new record high ($16.6 billion).
The region is having a moment, not least because of the logistics boom. Reading through this year’s PERE APAC Fund Manager Guide it is striking how many firms list logistics or industrial as a core sector focus.
The top 50 managers are raising ever-more capital for Asia-Pacific, with the firms that made the cut for PERE’s APAC Fund Manager Guide 2021 raising $91.8 billion between them from January 2016 to March 2021, growth of more than 7 percent since the last ranking.
This growth has come even with covid rumbling in the background and is set to increase as economies are recovering and beginning to shrug off the pandemic.
The Asian real estate fundraising landscape is more competitive than ever, as is reflected in our latest APAC Fund Manager Guide, a ranking based on capital raised over a five-year period, which shows established names being joined by fresh faces. The impact of covid-19, affecting only one year of those five, is therefore limited.
Regardless, China has already demonstrated resilience, with $2.9 billion raised in H1 for two China real estate funds. The picture elsewhere is more mixed, with Hong Kong already experiencing significant political upheaval and jurisdictions such as Singapore and India on the rise.
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