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
+1 to the real MVP.
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.