Since WSO loves rankings! I am posting the just realized IPE 150 list (by global real estate AUM). Full story here. Edit, separate ranking of Top 100 RE investors (i.e. LP/direct), here.
Complete Top 150 ranking
Top 150 Real Estate Investment Managers 2020
CompanyTotal Real Estate AUM 30/06/20 (€m)
►1Brookfield Asset Management231,772
►2The Blackstone Group148,214
▲3Hines127,638
▼4PGIM Real Estate127,615
►5MetLife Investment Management118,679
▼6Nuveen113,141
▲7AXA IM - Real Assets93,498
▼8UBS Asset Management91,347
▼9CBRE Global Investors90,400
▼10CapitaLand87,121
▼11J.P. Morgan Asset Management84,354
▲12Allianz Real Estate81,006
▼13Principal Real Estate Investors73,816
▼14Invesco Real Estate71,054
▼15AEW70,174
▲16Swiss Life Asset Managers67,000
▲17Credit Suisse64,578
►18DWS64,514
▲19GLP63,316
▼20LaSalle Investment Management58,512
▲21Prologis54,059
▼22Starwood Capital Group52,156
▼23New York Real Estate Investors50,748
▲24Clarion Partners50,130
►25Deka-Gruppe/Deka Immobilien Investment49,564
▲26Ivanhoé Cambridge46,123
▼27Morgan Stanley Investment Management45,346
▲28Patrizia44,400
▲29Union Investment Real Estate43,763
▼30BentallGreenOak43,701
▼31Aberdeen Standard Investments43,626
▼32APG Asset Management42,919
▼33Tishman Speyer42,500
▲34M&G42,029
▼35Barings41,675 (1)
▼36Colony Capital40,893
▲37Amundi38,476
▲38Mapletree Investments38,277
▼39Heitman38,033
▲40Manulife Investment Management37,528
▲41ARA Asset Management36,331
▼42Aviva Investors Global Services35,749
▼43Oxford Properties Group35,272
-44QuadReal Property Group34,979 (2)
▼45Cohen & Steers Capital Management34,267
▼46Generali Real Estate31,632
▼47Greystar Investment Group31,610
▼48Goodman31,505
▼49BNP Paribas REIM30,062
▲50Apollo Global Management28,189 (3)
▲51IGIS Asset Management27,317
▼52Legal & General IM Real Assets26,602
▼53Syntrus Achmea Real Estate & Finance25,600
►54Charter Hall25,395 (4)
▼55Corestate Capital Group24,900
►56La Française24,769
►57Gaw Capital Partners23,736
▲58Harrison Street23,712
▲59ESR Cayman23,592
▼60BlackRock23,505 (1)
▲61Commerz Real22,055
▼62Lendlease21,864
▲63USAA Real Estate Co.21,810
-64Angelo, Gordon & Co.21,738
▼65Savills Investment Management20,510 (1)
▼66Dexus19,523
▲67Primonial REIM19,382
▼68Schroder Real Estate Investment Management19,184
▲69Bridge Investment Group18,636
►70Keppel Capital Holdings18,529
-71Canada Life Asset Management17,964
▼72Great-West LifeCo17,964
▼73Rockpoint Group17,514
▲74Oaktree Capital Management17,391
▼75AMP Capital Investors16,112
▼76Macquarie Infrastructure & Real Assets (MIRA)15,372
▼77The GPT Group14,976
▼78MEAG14,622
▼79Columbia Threadneedle Investments14,443
▲80DTZ Investors14,259
▼81Partners Group13,725
▼82Samsung SRA13,687
▼83Bouwinvest Real Estate Investors12,919
▼84Ares Management12,819
▲85Warburg-HIH Invest Real Estate11,981
▼86ISPT11,431
▼87Tristan Capital Partners11,100
-88Edmond de Rothschild REIM11,031
▼89QIC10,837
▲90KKR10,668
▼91DRA Advisors10,397
▼92Jamestown10,309
▼93Catella Asset Management10,166
►94Beacon Capital Partners9,764
▼95MN9,650
▼96CenterSquare Investment Management9,643
-97Tikehau Capital9,560
▲98Real I.S.9,238
▼99American Realty Advisors9,012
▼100Crow Holdings Capital8,905
▼101TA Realty8,890
▲102Berkshire Residential Investments8,648
►103Sonae Sierra8,300 (5)
▼104Vesteda Residential Fund8,264
-105Henderson Park8,179
▼106GLL Real Estate Partners8,157 (1)
▼107Redevco7,500 (3)
▲108Landmark Partners7,436
▼109Investa Commercial Property Fund7,327
▼110Cromwell Property Group7,300
▼111KBS7,115
▼112Rockwood Capital7,112
▼113BMO Real Estate Partners7,022
▼114KGAL Investment Management6,954
▲115ASB Real Estate Investments6,881
▲116Swiss Finance & Property Group (SFP)6,654
▼117SC Capital Partners6,578
▼118Amvest6,550
▼119Sentinel Real Estate Corp.6,363
▼120a.s.r. Real Estate6,203
▲121COIMA SGR6,000
▲122StepStone Real Estate5,924
▼123Hazelview Investments5,693 (3)
▲124Kempen Capital Management5,326
▼125M7 Real Estate5,148
▼126Sorgente Group5,000 (6)
▼127Chelsfield4,820
►128Intermediate Capital Group/ICG Real Estate4,750
-129MOMENI Group4,400
-130Alpha Real Capital4,382
-131Slate Asset Management4,157
▼132GTIS Partners4,120
▼133Meyer Bergman4,014
-134Fiera Real Estate3,828
▲135Europa Capital3,734
▼136Knight Frank Investment Management3,670
▼137Orchard Street Investment Management3,652
▼138Niam3,634
▼139Azora3,300
-140Cheyne Capital3,273 (3)
▼141DNB REIM3,240
▼142Patron Capital3,015
▼143Torchlight Investors2,946
▼144IPUT2,900
▼145Benson Elliot2,898
▼146National Real Estate Advisors2,645
▼147InfraRed Capital Partners2,634
▼148Altera Vastgoed2,429
▼149Long Harbour2,427
▼150Lothbury Investment Management2,180
Does Hines only do development or do they do LP deals as well? Also do they raise funds like REPE and Investment management firms?
They have a huge investment management division, several funds (including non-traded REITs and private funds). I think it operates totally separately from the development division. They also have real estate services (property/asset management). They are basically a full, vertically integrated real estate company (but I don't think they do brokerage).
Probably about 40% of AUM is in developments, 60% in acquisitions.
Long time question..how does working as an analyst for a top 50 company on this list compare to working as an analyst at a PERE 50 shop - specifically for the companies that have high AUM but do not have high amounts of capital raised per annum. Clearly, there is a lot of crossover on both lists but what could one conclude about a company that has high AUM and is a top 50 on this list, but has low capital raised comparatively and does not appear on the PERE 50. Regardless, I assume any opp. at a top 50 on either list is a great job, yet theoretically what factors would lead to firms in this situation? From the surface, it seems as though it could be one of two things 1) core strategies/longer hold periods/less deal flow 2) open-end funds raising less per annum than closed-end funds.
Any additional insight would be appreciated. Thanks.
This is a great question, and highlights why "details" matter so much on these rankings. Short answer, the methodology of the PERE 100 is very narrow, just that it only focuses on essentially fund raising for closed-end funds that primarily do opportunistic and value-add deals (i.e. classic "PE" strategies). Whereas the IPE 150 (or the IREI rankings, and most others frankly), look at total real estate "assets under management". All these rankings are very reliant on how the firms self-report, so they may not be as apples to oranges as it appears (i.e. core-plus is excluded from PERE 100, but that term can mean anything, so I'd bet some money raised there get deployed there).
Hines is a good example, #3 on IPE but #52 on PERE 100... They raise a lot of money in "public" ventures (non-trade REITs) and I think do a lot of single-asset deals (for development), both of those are excluded from PERE 100. Take MetLife and Nuveen, high up on IPE but not on PERE, their strategies and open-end funds do not count on PERE. Yet, PGIM has a very large everything business so their closed-end oppo/val-add funds get them to rank high on PERE while their overall business (large core open-end funds) drive them up in AUM. From the other direction BX and Brookfield rank high on both, clearly their traditionally PE type closed-end funds make them lead on PERE 100, but their respective public REITs will help them on IPE/IREI (not sure how large they are now, but it does help).
So bottom line, you can't look at the two lists and conclude being one and not the other means one is raising money while the other isn't. Thus, I don't think the analyst question can/should be answered or anything assume by seeing one rank high on one list but not on the other.
For fun, here is the PERE 100 include/exclude list from the article: EDIT - photo of items won't paste, just click link and scroll to bottom.
Very good answer. Thank you!
Thanks for sharing
Could you please share the 2021 version? Thanks :)
Someone post 2021 - they've published it
bump - can anyone share the 2021 file? really appreciated!
Cum dolorem deserunt est reprehenderit tempore id nulla. Corporis impedit exercitationem totam. Quam ipsam dolores repellat sed labore.
Molestias deserunt autem reprehenderit fuga distinctio sed porro ut. Corporis magnam et aut totam. Vero quo qui esse omnis velit.
Temporibus aliquid dolorum dignissimos cumque sequi est illo nesciunt. Dolorum eum veritatis veritatis adipisci porro aut doloribus iure.
Sint autem reiciendis sed voluptatem. Debitis et qui incidunt eos. Molestiae voluptas sit eos quod neque in. Odit libero suscipit dolor autem autem non. Ipsa et occaecati id dolores ut consequuntur qui placeat. Id ab aliquid in similique quasi.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...