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
How does CBRE and Tishman hire for their acquisition roles?
CBRE GI usually only recruits people with 2-5 years of experience. No robust rotational program.
Do you have an idea what total comp is there?
+1 to the real MVP.
Where can I sign up for REPE newsletter, news, etc. Similar to what WSJ is and morningbrew etc
PERE has a daily newsletter that my firm subscribes to. I think you have to pay up for it though. Nareit also has a newsletter of some sorts that I always thought was decent.
Anyone familiar with solid internship programs that lead to FT at any of these firms?
google is your friend here
Starwood, and BX have feeder internships
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...
Do you have an idea of first year analyst comp?
Deleted
All in, a first year should expect to make between 90-140k at firms within the top 10. Big range but there really is no “standard” like with IB. I work at a firm not even on this list and made within this range my first year.
$100k-150k all in for analyst-associate
Associates (3 years experience) here make $200k+ all in and third yr analysts make at least $150k. I’m at one of top 20 on this list.
The two replies above are accurate, althought I'd say that Asso level would be $150k+
Does anyone know who the main headhunters are for for the firms that use them? Is it typically the same as their PE counterparts if they have one? SGPartners, Bellcast, etf.?
Bellcast works with Rockpoint, BentallGreenoak, Cerberus, Bain, Baupost, Northwood I believe, maybe others.
Anyone looking for a job could take all these, do research and find who their GPs are. Then between the two have a pretty robust list of just about every RE player excluding the Family Office world.
Shhh...
I think it would be pretty tough to find the GP in deals coming from someone who works for a large GP. How would you go about this?
As a GP...we have goddamm LP equity sharks who even figure out who the LPs are. Finding a GP could be as easy as searching a property name in a state corporation search. Then searching that GP's name to reveal what else they own.
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.
I think it is a T-5 Rolling number
Anyone have any clarity on the difference from the PERE list and the IPE list below?
https://realassets.ipe.com/top-100-real-estate-investment-managers/top-…
https://irei.com/wp-content/uploads/2019/08/2019_PFR_IREI-REPORT-US.pdf
PDF is better.
PERE 100 is based on the amount of capital raised over the last 5 years. The IPE list is based on assets under management.
PERE only includes capital from value-add and opportunistic funds raised in last 5 years. IPE is AUM, which would be total value of real estate assets owned, so a lot of the lifeco funds will be on that list since they own a lot of core assets.
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.
Curious to hear why you call Colony Capital a dumpster fire? lol
Does anyone have any insight on Exeter Property Group
Exeter was acquired by EQT AB (a Swedish private equity firm) in January for $1.87 billion. Here is the press release which has some good information.
Does anyone know Lone Star / Hudson Advisors all in compensation for 1-2 years experience?
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