PERE 100 2020
Rank / Manager / Headquarters / Capital raised ($m) 1 Blackstone/ New York/ 64,931 2 Brookfield Asset Management / Toronto/ 29,014 3 Starwood Capital Group / Miami Beach/ 16,861 4 GLP / Singapore/ 16,435 5 Lone Star Funds / Dallas/ 16,200 6 AEW / Boston/ 12,227 7 The Carlyle Group / Washington DC/ 10,860 8 Rockpoint Group / Boston/ 10,741 9 BentallGreenOak / New York/ 9,713 10 Angelo Gordon / New York/ 9,449 11 CBRE Global investors / Los Angeles/ 9,283 12 Cerberus Capital Management / New York/ 8,762 13 Gaw Capital Partners / Hong Kong/ 8,052 14 PGIM Real Estate / Madison/ 7,312 15 Fortress Investment Group / New York/ 7,113 16 Ares Management Corporation / Los Angeles/ 6,856 17 Bridge Investment Group / Salt Lake City/ 6,772 18 Tishman Speyer / New York/ 6,763 19 PAG / Hong Kong/ 6,650 20 Oak Street Real Estate Capital / Chicago/ 6,561 21 TPG Real Estate Partners / San Francisco/ 5,800 22 LaSalle Investment Management / Chicago / 5,748 23 ESR / Hong Kong / 5,451 24 KSL Capital Partners / Denver / 5,361 25 Westbrook Partners /New York /5,360 26 KKR /New York /5,158 27 BlackRock /New York /5,073 28 Partners Group / Zug / 4,956 29 Madison International Realty / New York / 4,954 30 Harrison Street Real Estate Capital / Chicago / 4,823 31 Crow Holdings Capital / Dallas / 4,685 32 Exeter Property Group / Philadelphia / 4,658 33 Oaktree Capital Management / Los Angeles / 4,634 34 Pacific Investment Management Co. / Newport Beach / 4,600 35 Morgan Stanley Real Estate Investing / New York / 4,485 36 Invesco Real Estate / New York / 4,464 37 AXA Investment Managers - Real Assets / Paris / 4,231 38 Aermont Capital / London / 4,134 39 DRA Advisors / New York / 3,981 40 Almanac Realty Investors / New York / 3,967 41 Heitman / Chicago / 3,944 42 PATRIZIA / Augsburg / 3,723 43 Tristan Capital Partners / London / 3,539 44 Greystar Real Estate Partners / Charleston / 3,482 45 CIM Group / Los Angeles / 3,417 46 DivcoWest / San Francisco / 3,414 47 Rialto Capital Management / Miami / 3,382 48 Walton Street Capital / Chicago / 3,250 49 Henderson Park Capital Partners / London / 3,200 50 Goodman Group / Sydney / 3,123 51 Beacon Capital Partners / Boston / 2,954 52 Hines / Houston / 2,924 53 Kayne Anderson Real Estate / Boca Raton / 2,880 54 NREP / Copenhagen / 2,751 55 Harbert Management Corporation / Birmingham / 2,554 56 Spear Street Capital / San Francisco / 2,550 57 PCCP / Los Angeles / 2,459 58 AIG Global Real Estate New York / 2,379 59 GTIS Partners / New York / 2,322 60 Carmel Partners / San Francisco / 2,312 61 JP Morgan Asset Management / New York / 2,268 62 NIAM / Stockholm / 2,120 63 Keppel Capital / Singapore / 2,100 64 TA Realty / Boston / 2,057 65 Tricon Capital Group / Toronto / 2,026 66 Ardian / Paris / 1,967 67 Kildare Partners / Hamilton / 1,950 68 Pennybacker Capital / Austin / 1,947 69 Canyon Partners / Los Angeles / 1,900 70 BPEA Real Estate / Hong Kong / 1,859 71 Cabot Properties / Boston / 1,851 72 Artemis Real Estate Partners / Chevy Chase / 1,836 73 Patron Capital Partners / London / 1,824 74 CapitaLand / Singapore / 1,811 75 Square Mile Capital / New York / 1,799 76 Orion Capital Managers / London / 1,784 77 Sculptor Capital Management / New York / 1,738 78 Bell Partners / Greensboro / 1,735 79 Wheelock Street Capital / Greenwich / 1,675 80 Kennedy Wilson / Beverly Hills / 1,643 81 Benson Elliot / London / 1,630 82 Lubert-Adler Real Estate Funds / Philadelphia / 1,588 83 Meyer Bergman / London / 1,578 84 Enterprise Community Partners / Columbia / 1,565 85 Europa Capital / London / 1,564 86 Waterton / Chicago / 1,559 87 Bain Capital / Boston / 1,520 88 Northwood Investors / Denver / 1,499 89 Banner Oak Capital Partners / Dallas / 1,480 90 StepStone Group / La Jolla / 1,474 91 IMT Capital / Sherman Oaks / 1,455 92 Apollo Global Management / New York / 1,451 93 ActivumSG / Saint Helier / 1,413 94 Blue Vista Capital Management / Chicago / 1,376 95 COIMA SGR / Milan / 1,368 96 H.I.G. Realty / Miami / 1,350 97 Rockwood Capital / New York / 1,329 98 Prologis / San Francisco / 1,305 99 Hony Capital / Beijing / 1,303 100 Asana Partners / Charlotte / 1,300
How does CBRE and Tishman hire for their acquisition roles?
CBRE GI usually only recruits people with 2-5 years of experience. No robust rotational program.
Do you have an idea what total comp is there?
+1 to the real MVP.
Where can I sign up for REPE newsletter, news, etc. Similar to what WSJ is and morningbrew etc
PERE has a daily newsletter that my firm subscribes to. I think you have to pay up for it though. Nareit also has a newsletter of some sorts that I always thought was decent.
Anyone familiar with solid internship programs that lead to FT at any of these firms?
google is your friend here
Starwood, and BX have feeder internships
Fortress #15 is starting hire. I interned there through a connection but the schools they were planning on getting interns to hire from were Wharton anything, Cornell Hotel, USC RE finance, or any other top 10 school if there is previous RE internship experience. Watch out, you will be expected to complete an underwriting in your first week...
Do you have an idea of first year analyst comp?
Deleted
All in, a first year should expect to make between 90-140k at firms within the top 10. Big range but there really is no “standard” like with IB. I work at a firm not even on this list and made within this range my first year.
$100k-150k all in for analyst-associate
Associates (3 years experience) here make $200k+ all in and third yr analysts make at least $150k. I’m at one of top 20 on this list.
The two replies above are accurate, althought I'd say that Asso level would be $150k+
Does anyone know who the main headhunters are for for the firms that use them? Is it typically the same as their PE counterparts if they have one? SGPartners, Bellcast, etf.?
Bellcast works with Rockpoint, BentallGreenoak, Cerberus, Bain, Baupost, Northwood I believe, maybe others.
Anyone looking for a job could take all these, do research and find who their GPs are. Then between the two have a pretty robust list of just about every RE player excluding the Family Office world.
Shhh...
I think it would be pretty tough to find the GP in deals coming from someone who works for a large GP. How would you go about this?
As a GP...we have goddamm LP equity sharks who even figure out who the LPs are. Finding a GP could be as easy as searching a property name in a state corporation search. Then searching that GP's name to reveal what else they own.
I know this is tracking capital raised, but over what amount of time? I'm eager to see what next year's will look like given the current environment. A lot of the top funds on the list are still raising a solid amount from what I've heard!
As I've been tracking this list over the last few years, I'm really impressed with what AEW has accomplished. They were in like the 50s years ago and are now at 6. They've been growing really fast.
I think it is a T-5 Rolling number
Anyone have any clarity on the difference from the PERE list and the IPE list below?
https://realassets.ipe.com/top-100-real-estate-investment-managers/top-…
https://irei.com/wp-content/uploads/2019/08/2019_PFR_IREI-REPORT-US.pdf
PDF is better.
PERE 100 is based on the amount of capital raised over the last 5 years. The IPE list is based on assets under management.
PERE only includes capital from value-add and opportunistic funds raised in last 5 years. IPE is AUM, which would be total value of real estate assets owned, so a lot of the lifeco funds will be on that list since they own a lot of core assets.
PERE is capital raised, for closed-end real estate funds, and IREI / IPE are AUM.
Capital raised is easier to audit, and shows to ability of firms to raise capital.
AUM lacks a standard definition, and includes fee bearing capital outside of closed-end funds, and as such it can be easily gamed*, but is a pretty proxy for the size of a portfolio.
*Hines for example reports AUM including property management contracts, most insurance company managers (think Barings etc.) include daddy's money as well as third parties, and dumpster fires like Colony Capital will include assets on their own balance sheets.
Curious to hear why you call Colony Capital a dumpster fire? lol
Does anyone have any insight on Exeter Property Group
Exeter was acquired by EQT AB (a Swedish private equity firm) in January for $1.87 billion. Here is the press release which has some good information.
Does anyone know Lone Star / Hudson Advisors all in compensation for 1-2 years experience?
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