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

 

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...

 

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.

 

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.

 

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