Strategy Intelligence

Real Estate Fund Intelligence

Private real estate funds manage over $1.3 trillion globally across core, value-add, and opportunistic strategies. The post-pandemic recalibration has created significant dispersion between property types, with logistics and data centers outperforming while office faces structural headwinds. European and Asia-Pacific markets offer diversification benefits, though currency and regulatory complexity add layers of risk. Our database tracks over 3,000 real estate managers worldwide, making it the largest strategy category in our coverage universe. Fund performance data from pension allocators reveals wide variation in returns by vintage year, geography, and sub-strategy. Real estate managers are increasingly targets for GP stakes transactions as the asset class matures and firms seek permanent capital to fund development pipelines and operational improvements.

GPs Tracked
3,325
Total AUM
$592813.9T
Funds with Data
60
Avg Net IRR
9.0%

Top Real Estate GPs by AUM

#GP NameHQFoundedAUMStakeability
1BROOKFIELD ASSET MANAGEMENT PIC US, LLCUnited StatesN/A$69654.6TN/A
2TCI FUND MANAGEMENT LIMITEDUnited StatesN/A$64101.2TN/A
3STARWOOD CAPITAL GROUP MANAGEMENT, L.L.C.United StatesN/A$31885.3TN/A
4BLACKSTONE REAL ESTATE SPECIAL SITUATIONS ADVISORS L.L.C.United StatesN/A$18583.9TN/A
5EXETER PROPERTY GROUP, LLCUnited StatesN/A$17371.9TN/A
6GREYSTAR INVESTMENT GROUP, LLCUnited StatesN/A$16442.0TN/A
7TPG REAL ESTATE ADVISORS, LLCUnited StatesN/A$15788.5TN/A
8DIVCO WEST REAL ESTATE SERVICES, LLCUnited StatesN/A$15328.3TN/A
9AFFINIUS CAPITALUnited StatesN/A$14144.9TN/A
10STEPSTONE GROUP REAL ESTATE LPUnited StatesN/A$13825.1TN/A

Top Performing Real Estate Funds

Fund NameManagerVintageNet IRRNet Multiple
Exeter Industrial Value Fund IV, L.P.Exeter Industrial Value201629.9%2.19x
Stockbridge Real Estate Fund, L.P.Stockbridge Real Estate200028.2%2.51x
PSERS YES Holdings, L.P.PSERS YES Holdings201327.4%4.82x
Cabot UK Core Plus Industrial Fund SCSpCabot UK Core Plus Industrial201924.5%1.36x
DRA Growth and Income Fund VII, L.P.DRA201121.6%2.29x
Carlyle Realty Partners VIII, L.P.Carlyle Realty201721.1%1.48x
Carlyle Realty Partners VI, L.P.Carlyle Realty201019.6%1.57x
Brookfield Strategic Real Estate Partners, L.P.Brookfield201217.4%1.86x
Ares U.S. Real Estate Fund VIII, L.P.Ares U.S. Real Estate201317.4%1.74x
Exeter Core Industrial Club Fund II, L.P.Exeter Core Industrial Club201616.2%2.44x
Ares U.S. Real Estate Fund IX, L.P.Ares U.S. Real Estate201715.8%1.56x
Blackstone Real Estate Partners VII, L.P.Blackstone Real Estate201114.7%1.63x
DRA Growth and Income Fund IX, LLCDRA201614.3%1.61x
Exeter Industrial Value Fund V, L.P.Exeter Industrial Value201913.6%1.54x
Blackstone Real Estate Partners VI, L.P.Blackstone Real Estate200713.2%2.03x

Geographic Distribution

US
1740 GPs
UK
246 GPs
United States
207 GPs
Germany
112 GPs
Australia
109 GPs
India
69 GPs
Canada
64 GPs
Japan
55 GPs
Singapore
53 GPs
France
47 GPs

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