PERE and PERE Debt 2023

Rank Manager Capital raised ($m) Headquarters 1 AXA IM Alts 28,867 Paris 2 PGIM Real Estate 19,156 Madison 3 PAG 13,898 Hong Kong 4 PIMCO 10,530 Newport Beach 5 Blackstone 9,539 New York 6 AllianceBernstein 8,597 Nashville 7 Cerberus Capital Management 8,051 New York 8 Berkshire Residential Investments 6,823 Boston 9 Kayne Anderson Capital Advisors 6,698 Los Angeles 10 M&G Investments 6,256 London 11 Goldman Sachs Asset Management Real Estate 6,231 New York 12 Affinius Capital* 6,170 New York 13 Oaktree Capital Management 6,169 Los Angeles 14 Brookfield Asset Management 6,034 Toronto 15 Pretium Partners 5,700 New York 16 ACORE Capital 5,692 Larkspur 17 Rialto Capital Management 5,634 Miami 18 Madison Realty Capital 5,567 New York 19 ICG Real Estate 5,225 London 20 Prime Finance 4,929 San Francisco 21 PCCP 4,706 Los Angeles 22 Bridge Investment Group 4,647 Salt Lake City 23 Torchlight Investors 4,578 New York 24 BentallGreenOak 4,547 New York 25 MaxCap Investment Management 4,370 Melbourne 26 Cheyne Capital Management 4,170 London 27 LaSalle Investment Management 4,098 Chicago 28 AEW 3,968 Boston 29 DRC Savills Investment Management 3,633 London 30 Heitman 3,542 Chicago 31 Harbor Group International 3,483 Norfolk 32 Nuveen Real Estate 3,146 London 33 Ares Management Corporation 3,138 Los Angeles 34 Qualitas 2,979 Melbourne 35 CAERUS Debt Investments 2,716 Düsseldorf 36 Barings 2,564 Charlotte 37 AgFe 2,515 London 38 Niam Credit** 2,386 Stockholm 39 Amundi Group 2,327 Paris 40 Trez Capital 2,324 Vancouver 41 KSL Capital Partners 2,294 Denver 42 Mesa West Capital 2,248 Los Angeles 43 3650 REIT 2,222 Miami 44 Greystar Real Estate Partners 2,199 Charleston 45 KKR 2,170 New York 46 BlackRock Real Estate 2,136 New York 47 TCI Fund Management 2,100 London 48 Incus Capital 2,004 Madrid 49 Silverstein Properties 2,000 New York 50 SBICAP Ventures 1,978 Mumbai