PERE 200

Private real estate’s largest managers are maximizing their chances of fundraising success during a challenging market environment.

Consolidation in the industry has transformed the manager landscape – but to whose benefit?

In a tough fundraising market, the largest managers are increasingly utilizing co-investment vehicles and separate accounts to stay competitive.

Appetite for residential investment has fueled some of the biggest risers in the PERE 200.

The PERE 100 has long been dominated by Blackstone and Brookfield. But their superior fundraising masks the relevance of others.

The latest PERE 200 ranking demonstrates the increasing geographical dispersion of mid-tier real estate managers in the US. By Aisha Kapoor

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.