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
Is this based on capital raised in the last 5 years?
Yes. Value add/Opp fundraising only.
Crazy how much Blackstone and Brookfield are ahead of everyone else wrt fundraising. Brookfield's in the market right now for a new 17B fund. With that included, them two would be at 49B and 45B
Yeah nuts, plus Brookfield is a majority owner of Oaktree these days
Good looks. Thanks for posting.
I work at Blackstone. Ever heard of it?
yes
Is pgim repe? Sounds like not all they do is manage money for prudential
It’s on the REPE 100 list, what do you think
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.
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.
I've worked/interned at three of the names on the list and have coworkers/counterparts at other firms that use the term "REPE", if not in other forms such as private equity/real estate private equity. I mean the list is published by a reputable website literally called "PERE".
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.
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
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.
Also, PGIM is huge in third party funds management, not sure what proportion of capital is prudential house account, but they are very very active in comingled funds and SMAs.
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.
I can't see Kayne Anderson without thinking about Kanye's line, "It's Kayne but all my plaques they still say Kayne".
One of the GOAT hip-hop beats of all time
Given Oak Street's rise / success of their strategy (net lease RE), curious why none of the megafunds are entering that space
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.
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
More do that than you think
This is an awesome list. Just curious, what is the source on this?
Self reported to PERE magazine
Good thing I left Starwood, lost its #2 spot. Lame.
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)?
Just curious, what are your guys' thoughts on Partners Group? They seem to play in pref space but cant find much on them..
AEW’s number represents 70% of the core+/value-add and opportunistic AUM they state on their site. Am I dumb or how is that possible ?
This list represents capital raised .
Right. They raised 70% of their non-core capital over the past 5 years (likely higher % when you strip out core+, which they don’t break out)? Just surprising for such an established firm like AEW. Wouldn’t expect those goody two shoes to lie though, so I suppose I accept the number.
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.
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