The PERE 30 (from Private Equity Real Estate Magazine) revealed that the top 30 real estate private equity firms raised $211.9 billion over the past five years, up from $190 billion as calculated by last year’s ranking. Listed are the top 10 largest real estate private equity firms.
As a note: the top two largest firms raised $25.6 billion and $20.15 billion respectively in dedicated real estate funds between January 2004 and April, 2009. Together the pair raised a fifth of all the direct-investment capital secured by the world’s 30 largest real estate private equity firms.
10. Westbrook Capital Partners
Westbrook has raised and invested $10 billion of equity in over $35 billion of real estate transactions in major markets throughout the world. Westbrook’s investment equity is committed by a broad base of institutional investors, which includes public and private pension funds, endowments, foundations, and financial institutions.
9. The Carlyle Group
The Carlyle Group is one of the world’s largest private equity firms, with more than $87.9 billion under management with funds across four investment disciplines (buyouts, growth capital, real estate and leveraged finance). Carlyle has committed more than $3.6 billion of its own capital to its funds.
8. Tishman Speyer
Tishman Speyer has acquired, developed and operated over 325 projects totaling over approximately 116 million square feet and more than 92,000 residential units, and a property portfolio of US$50.2 billion internationally.
7. LaSalle Investment Management
LaSalle Investment manages approximately $39.9 billion (as at Q3 2009) of private and public property equity investments. Their client base includes public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe.
6. Lehman Brothers Real Estate Partners
Lehman Brothers Real Estate Partners has raised over $10 billion in capital over the last five years with a total of $44 billion in transactions among 1,150 properties.
5. Beacon Capital Partners
Since its inception in 1998, Beacon Capital Partners has sponsored six investment vehicles representing over $8.5 billion aggregate equity capital from various endowments, foundations and pension funds. Beacon Capital Partners was established after the predecessor public company, Beacon Properties Corporation (a New York Stock Exchange listed company), merged with Equity Office Properties Trust in a transaction valued at $4 billion.
4. Colony Capital
Colony Capital is a private, international investment firm based in Los Angeles, California. The company focuses on real estate opportunities around the world either on its own, through funds run by the company, or in joint ventures. The company is run by billionaire Tom Barrack.
3. Goldman Sachs Real Estate Principal Investment Area
The Real Estate Principal Investment Area (REPIA) manages a series of global opportunistic real estate funds, known as the Whitehall Funds, and other niche products. REPIA, through the Whitehall Funds, offers Goldman clients the opportunity to co-invest in real estate and real estate related assets worldwide.
2. Morgan Stanley Real Estate Investing
Morgan Stanley Real Estate has the longest uninterrupted real estate industry presence of any Wall Street firm. MSREI has raised over $20 billion in capital in the last five years and has completed over $58 billion in transactions.
1. The Blackstone Group
Blackstone’s real estate fee earning assets under management totaled $23.7 billion as of September 30, 2009. Assets include office, hotel, healthcare, retail and multi-family properties around the world. Blackstone has the world’s leading hotel portfolio, as well as one of the largest portfolios of office buildings in the United States. Blackstone’s real estate group currently has over $12 billion of equity capital available for investment, the largest pool of capital for real estate investments available today.
For a full list of the top 30 real estate private equity firms with an executive summary click here.