PERE 100 2021

Rank / Manager / Capital Raised ($m) / Headquarters

1 Blackstone / 49,941 / New York

2 Brookfield Asset Management / 28,164 / Toronto

3 Starwood Capital Group / 18,272 / Miami Beach

4 AEW / 14,380 / Boston

5 BentallGreenOak / 11,881 / New York

6 Lone Star Funds / 11,315 / Dallas

7 Rockpoint Group / 10,869 / Boston

8 Cerberus Capital Management / 10,678 / New York

9 GLP / 10,202 / Singapore

10 Angelo Gordon / 10,196 / New York

11 KKR / 9,673 / New York

12 Gaw Capital Partners / 9,470 / Hong Kong

13 CBRE / 8,456 / Los Angeles

14 Oaktree Capital Management / 8,264 / Los Angeles

15 Ares Management / 7,990 / Los Angeles

16 PAG / 7,950 / Hong Kong

17 PGIM Real Estate / 7,950 / Madison

18 Apollo Global Management / 7,878 / New York

19 Bridge Investment Group / 7,748 / Salt Lake City

20 Tishman Speyer / 7,711 / New York

21 AXA IM Alts / 7,646 / Paris

22 Exeter Property Group / 7,347 / Philadelphia

23 Oak Street Real Estate Capital / 7,107 / Chicago

24 Bain Capital / 7,104 / Boston

25 Westbrook Partners / 6,747 / New York

26 LaSalle Investment Management / 6,733 / Chicago

27 The Carlyle Group / 6,700 / Washington DC

28 Partners Group / 6,137 / Zug

29 Harrison Street Real Estate Capital / 5,468 / Chicago

30 Invesco Real Estate / 5,305 / New York

31 ESR / 5,258 / Hong Kong

32 Morgan Stanley Real Estate Investing / 5,122 / New York

33 Rialto Capital Management / 4,858 / Miami

34 CIM Group / 4,817 / Los Angeles

35 StepStone Group / 4,792 / New York

36 BlackRock Real Estate / 4,646 / New York

37 Pacific Investment Management Co. / 4,600 / Newport Beach

38 Fortress Investment Group / 4,522 / New York

39 Crow Holdings Capital / 4,200 / Dallas

40 Aermont Capital / 4,134 / London

41 NREP / 4,084 / Copenhagen

42 DRA Advisors / 4,005 / New York

43 Hines / 3,977 / Houston

44 Divco West Real Estate Services / 3,935 / San Francisco

45 Heitman / 3,738 / Chicago

46 TPG Real Estate Partners / 3,700 / San Francisco

47 Greystar Real Estate Partners / 3,432 / Charleston

48 IPI Partners / 3,410 / Chicago

49 PATRIZIA / 3,300 / Augsburg

50 Henderson Park Capital Partners / 3,300 / London

51 Keppel Capital / 3,300 / Singapore

52 Square Mile Capital Management / 3,208 / New York

53 Prologis / 3,103 / San Francisco

54 Sculptor Capital Management / 3,000 / New York

55 Banner Oak Capital Partners / 3,000 / Dallas

56 Almanac Realty Investors / 2,813 / New York

57 KSL Capital Partners / 2,684 / Denver

58 Tricon Residential / 2,660 / Toronto

59 Harbert Management Corporation / 2,627 / Birmingham

60 Kayne Anderson Real Estate / 2,575 / Boca Raton

61 Waterton / 2,548 / Chicago

62 GTIS Partners / 2,535 / New York

63 Artemis Real Estate Partners / 2,462 / Chevy Chase

64 Ardian / 2,227 / Paris

65 NIAM / 2,120 / Stockholm

66 Kildare Partners / 2,102 / Hamilton

67 Related Companies / 2,074 / New York

68 TA Realty / 2,057 / Boston

69 Rockwood Capital / 2,036 / New York

70 D&J China / 2,028 / Shanghai

71 PCCP / 2,004 / Los Angeles

72 EQT / 2,000 / Stockholm

73 Bell Partners / 1,975 / Greensboro

74 Cabot Properties / 1,950 / Boston

75 Patron Capital Partners / 1,949 / London

76 Canyon Partners / 1,900 / Los Angeles

77 Tristan Capital Partners / 1,891 / London

78 Beacon Capital Partners / 1,823 / Boston

79 Prospect Ridge / 1,820 / New York

80 Orion Capital Managers / 1,785 / London

81 Walton Street Capital / 1,783 / Chicago

82 Baring Private Equity Asia / 1,758 / Hong Kong

83 Kennedy Wilson / 1,707 / Beverly Hills

84 Wheelock Street Capital / 1,675 / Greenwich

85 HIG Realty / 1,650 / Miami

86 PineBridge Benson Elliot / 1,640 / London

87 Enterprise Community Partners / 1,636 / Columbia

88 Westport Capital Partners / 1,600 / Stamford

89 MARK / 1,577 / London

90 Abacus Capital Group / 1,560 / New York

91 Pennybacker Capital / 1,560 / Austin

92 Europa Capital / 1,543 / London

93 COIMA SGR / 1,536 / Milan

94 Paramount Group / 1,532 / New York

95 Algebris Investments / 1,515 / London

96 Blue Vista Capital Management / 1,473 / Chicago

97 Schroder Real Estate Investment Management / 1,466 / London

98 IMT Capital / 1,455 / Sherman Oaks

99 Spear Street Capital / 1,450 / San Francisco

100 JPMorgan Asset Management / 1,448 / New York

Comments (42)

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  • Analyst 2 in RE - Comm
1y

They're not really "REPE" in the traditional sense. They have three main funds they invest out of. One of them is a value add/opp type vehicle. They might have other funds I'm not aware of. They don't just invest prudential money anymore & raise money from outside sources. Great place to work with a great culture. No worries about funding or deal flow. 

This list is comprehensive but not every fund is what you would consider traditional REPE high finance blah blah. Regardless, many of them are great places to get experience. 

1y
redever, what's your opinion? Comment below:

This is not a list of "REPE" firms, as that is a WSO term, not an industry term (i.e. don't use it off this platform.....). This is a list of fundraising by strategy and vehicle type (i.e. fundraising in the form comingled opportunistic funds). You should read the methodology tagline from PERE, explains everything in great detail.

And yes, PGIM has an active business in opportunistic strategy real estate. 

1y
redever, what's your opinion? Comment below:

lol, yeah I probably over simplified that remark. What I am referring to is that what people talk about as "REPE" is really a strategy/business mode, not a firm type (I.e. what PERE is measuring). But, on WSO the existence of traditional "private equity" firms running opportunity funds in real estate makes the firm "REPE", and thus people somehow believe Blackstone is different than PGIM when they in fact do have similar strategy lines in real estate. Thus a "Is pgim repe?" gets asked, which is a silly question. How about Prologis or Hines which are on the list as well, do they fit the WSO REPE definition? Prob not... yet... guess what... they do the same business as the names thought of! It's just they do a lot of other stuff, and it's not their dominant identity. 

Think of Blackstone... they are a publicly traded firm, running large closed end opportunistic real estate funds as well as a public REIT. So, maybe BX should get downgraded right?? 

That's my point, the conflation of the business strategy/model (what PERE measures), and firm type, something that is amorphous. So, when people say "I want to work in REPE", they are probably being very inaccurate about where/what they actually want to work, but don't realize it.  

  • Investment Analyst in RE - Comm
1y

It sounds like OP was under the impression that PGIM was a pure lifeco and didn't know that they also raise closed end, 3rd party capital funds. So for someone that doesn't know the intricacies of PGIM's model, maybe it wasn't that silly of a question - their name sure sounds like a pure lifeco, and the pure lifecos (Metlife, AIG, etc) are missing from the PERE list

Most Helpful
1y
redever, what's your opinion? Comment below:

You are probably right on that (the PGIM crew doing the rebrand from Prudential to try and make the 3rd party business front and center are probably disappointed lol)....

It is also why I feel it so necessary to make the point. I used to run into students at NY area networking events who would respond to my "what are wanting to do" type question with "I want to work in REPE", and then after talking to some in more detail I came to a realization..... They really just want to work in institutional real estate, they have little idea the difference between Blackstone and PGIM, or really the structure of the industry, and the business models used. YET... they were doing career planning as if they did and literally ignoring people who could have helped them right to their face. 

I blame colleges for not explaining this (maybe the profs don't know either), but when I started to read posts on WSO (which frankly I only did when covid stopped my travel and I was bored and wanted to help people), I began to see how this narrative gets reinforced. I literally felt like.... oh this is where these people are getting these ideas!

Hence why I respond how I do, to try and get the point across. In fact, while the PERE 100 list is interesting, people should equally look at the IREI 150 list to have a better understanding of the industry. The "PE" styled funds get so much coverage because of how they constantly raise money (and thus market themselves and fund a magazine like PERE), the larger investment management biz need not gain so much constant attention as their funds are stickier. 

1y
stache is king, what's your opinion? Comment below:

anyone know how PGIM pays its people? the most important distinction between all these types of groups (the above arguments of what constitutes "repe") really comes down to comp structure. if PGIM is raising 3rd party funds, earning 1-2% and 15-20%, and are passing that on as carry/sizable bonuses to employees, then that's all that really matters.

  • Associate 1 in IB - Cov
1y

I think part of the issue is a lot of the value that is created in net lease is like this:

1) Buy tons of small net lease properties

2) Sell massive portfolio of small net lease properties at lower cap rate to big public REIT or other large, yield focused vehicle

Buying small lease deals isn't necessarily the best use of time when you're raising a billion per month in equity

That being said, Blackstone has done ground lease deals beneath some big casinos I believe. iStar basically scrapped their entire business plan to pursue ground lease investments.

  • Investment Analyst in RE - Comm
1y

Right, it might not make sense for BX/BAM/STWD. But Oak Street's strategy (which centers around single tenant retail NLs) might be a fit for other firms in the tier below, esp legacy firms with higher headcount. Like, say, Carlyle or Morgan Stanley (both of which Oak Street, a firm founded 9 years ago, leapfrogged in this ranking). Just interesting that it doesn't seem like anyone is pursuing this strategy in anywhere close to the scale OS is

1y
.Nana, what's your opinion? Comment below:

More do that than you think

1y
ghosting, what's your opinion? Comment below:

Which of these shops in the US are known to pay the most, and which of them are known to pay less than market?  Is it correct to assume that pay would increase with ranking and prestige or does it vary by location (does BX NY have the highest comp or is that not how it works)?

1y
Lostinthemath, what's your opinion? Comment below:

Just curious, what are your guys' thoughts on Partners Group? They seem to play in pref space but cant find much on them.. 

10mo
Bobby Axelrod18, what's your opinion? Comment below:

Seems like a bullshit list to me. Can't just be based on capital raised. How is KKR not in top 10? Been increasing their AUM in the past 5 years like crazy. IMO Starwood and KKR are 2 and 3 respectively. 

10mo
jp14651532, what's your opinion? Comment below:

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6mo
Yourmomhello, what's your opinion? Comment below:

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