I’ve periodically taken a look at the Private Equity Real Estate’s list of the top firms, based on fundraising. The 2026 edition was published today. I took a swing at the analysis again (with a little help).
The 2026 PERE manager rankings are based on the amount of private real estate direct investment capital raised by firms for funds closed between January 1, 2021, and December 31, 2025, as well as for funds that were in market at the end of the counting period.
As you can see from the table below, the vast majority of US-based real estate fund managers are registered with the Securities and Exchange Commission as an investment adviser.
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PERE 100 – SEC Investment Adviser Registrations
US-headquartered firms from the 2026 PERE 100 ranking. Non-US firms excluded (registered in home jurisdiction).
RA = Registered Adviser · ERA = Exempt Reporting Adviser · N/A = No US primary registration found.
| Rank | PERE 100 Firm | SEC Registrant Name | Type | CRD # | Form ADV |
|---|
const data = [
{rank:1, firm:”Blackstone”, regname:”Blackstone Real Estate Advisors L.P.”, type:”RA”, crd:”142979″},
{rank:2, firm:”Blue Owl Capital”, regname:”Blue Owl Real Estate Capital LLC”, type:”RA”, crd:”165132″},
{rank:3, firm:”Brookfield Asset Mgmt”, regname:”Multiple”, type:”RA”, crd:””},
{rank:4, firm:”Ares Management”, regname:”Ares Capital Management LLC”, type:”RA”, crd:”131619″},
{rank:5, firm:”BGO”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:6, firm:”TPG”, regname:”TPG Real Estate Advisors LLC”, type:”RA”, crd:”170731″},
{rank:7, firm:”Starwood Capital Group”, regname:”Starwood Capital Group Mgmt LLC”, type:”RA”, crd:”110148″},
{rank:8, firm:”The Carlyle Group”, regname:”Carlyle Investment Management LLC”, type:”RA”, crd:”111128″},
{rank:9, firm:”KKR”, regname:”KKR Registered Advisor LLC”, type:”RA”, crd:”309284″},
{rank:10, firm:”GLP”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:11, firm:”Pretium”, regname:”Pretium Credit Management LLC”, type:”RA”, crd:”154057″},
{rank:12, firm:”EQT”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:13, firm:”ESR Group”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:14, firm:”BNP Paribas AM Alts”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:15, firm:”KSL Capital Partners”, regname:”KSL Capital Partners LLC”, type:”RA”, crd:”155677″},
{rank:16, firm:”Bain Capital”, regname:”Bain Capital Real Estate LP”, type:”RA”, crd:”291809″},
{rank:17, firm:”AEW”, regname:”AEW Capital Management LP”, type:”RA”, crd:”108633″},
{rank:18, firm:”Hines”, regname:”Hines Investment Management LLC”, type:”RA”, crd:”161442″},
{rank:19, firm:”Harrison Street AM”, regname:”Harrison Street Real Estate Capital LLC”, type:”RA”, crd:”157983″},
{rank:20, firm:”Greystar Real Estate”, regname:”Greystar Investment Group LLC”, type:”RA”, crd:”160665″},
{rank:21, firm:”PGIM”, regname:”PGIM Real Estate Advisors LLC”, type:”RA”, crd:”327165″},
{rank:22, firm:”Bridge Investment Group”, regname:”Bridge Investment Group”, type:”RA”, crd:”159127″},
{rank:23, firm:”Aermont Capital”, regname:”Aermont Capital Management S.A.R.L.”, type:”ERA”, crd:”299262″},
{rank:24, firm:”Cerberus Capital Mgmt”, regname:”Cerberus Capital Management LP”, type:”RA”, crd:”152175″},
{rank:25, firm:”Goldman Sachs AM”, regname:”Goldman Sachs Asset Management LP”, type:”RA”, crd:”107738″},
{rank:26, firm:”Oaktree Capital Mgmt”, regname:”Oaktree Capital Management LP”, type:”RA”, crd:”106793″},
{rank:27, firm:”Tishman Speyer”, regname:”Tishman Speyer Properties LP”, type:”RA”, crd:”160079″},
{rank:28, firm:”Crow Holdings Capital”, regname:”Crow Holdings Capital LLC”, type:”RA”, crd:”156925″},
{rank:29, firm:”Artemis Real Estate”, regname:”Artemis Real Estate Partners LLC”, type:”RA”, crd:”160668″},
{rank:30, firm:”PAG”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:31, firm:”Dream”, regname:”(Canadian – not US primary reg.)”, type:”N/A”, crd:””},
{rank:32, firm:”DNE”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:33, firm:”Azora”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:34, firm:”Kayne Anderson”, regname:”Kayne Anderson Capital Advisors LP”, type:”RA”, crd:”109706″},
{rank:35, firm:”Urban Partners”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:36, firm:”Morgan Stanley IM”, regname:”Morgan Stanley Real Estate Advisor Inc.”, type:”RA”, crd:”127488″},
{rank:37, firm:”CBRE Investment Mgmt”, regname:”CBRE Investment Management”, type:”RA”, crd:”109019″},
{rank:38, firm:”Sculptor Capital Mgmt”, regname:”Sculptor Capital Management Inc.”, type:”RA”, crd:”126379″},
{rank:39, firm:”GoHigh Capital”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:40, firm:”Rockpoint”, regname:”Rockpoint Group LLC”, type:”ERA”, crd:”170279″},
{rank:41, firm:”Schroders Capital”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:42, firm:”Tristan Capital Partners”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:43, firm:”CapitaLand Investment”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:44, firm:”Investcorp”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:45, firm:”Sino-Ocean Capital”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:46, firm:”Partners Group”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:47, firm:”Gaw Capital Partners”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:48, firm:”Macquarie AM”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:49, firm:”Invesco Private Markets”, regname:”Invesco Advisers Inc.”, type:”RA”, crd:”105565″},
{rank:50, firm:”Mapletree”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:51, firm:”LBA Realty”, regname:”LBA Realty LLC”, type:”ERA”, crd:”159056″},
{rank:52, firm:”FPA Multifamily”, regname:”FPA Multifamily LLC”, type:”ERA”, crd:”166003″},
{rank:53, firm:”Heitman”, regname:”Heitman Capital Management LLC”, type:”RA”, crd:”115459″},
{rank:54, firm:”LaSalle Investment Mgmt”, regname:”LaSalle Investment Management Inc.”, type:”RA”, crd:”109307″},
{rank:55, firm:”Related Fund Management”, regname:”Related Fund Management LLC”, type:”RA”, crd:”155870″},
{rank:56, firm:”Warburg Pincus”, regname:”Warburg Pincus LLC”, type:”RA”, crd:”156945″},
{rank:57, firm:”ICG”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:58, firm:”Harbor Group Intl”, regname:”Harbor Group International LLC”, type:”ERA”, crd:”145553″},
{rank:59, firm:”PIMCO”, regname:”Pacific Investment Mgmt Co. LLC”, type:”RA”, crd:”105268″},
{rank:60, firm:”Waterton”, regname:”Waterton Residential LLC”, type:”ERA”, crd:”161039″},
{rank:61, firm:”TA Realty”, regname:”TA Realty LLC”, type:”RA”, crd:”110095″},
{rank:62, firm:”Lone Star Funds”, regname:”Lone Star Value Management LP”, type:”ERA”, crd:”159830″},
{rank:63, firm:”BlackRock”, regname:”BlackRock Advisors LLC”, type:”RA”, crd:”105023″},
{rank:64, firm:”DFI”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:65, firm:”Berkshire Residential”, regname:”Berkshire Residential Investments LLC”, type:”RA”, crd:”139437″},
{rank:66, firm:”Enterprise Community”, regname:”Enterprise Community Partners Inc.”, type:”RA”, crd:”166249″},
{rank:67, firm:”Affinius Capital”, regname:”Affinius Capital LLC”, type:”RA”, crd:”175030″},
{rank:68, firm:”Barings”, regname:”Barings LLC”, type:”RA”, crd:”126935″},
{rank:69, firm:”Marble Capital”, regname:”Marble Capital LP”, type:”ERA”, crd:”173480″},
{rank:70, firm:”Prime Group Holdings”, regname:”Prime Group Holdings LLC”, type:”ERA”, crd:”162034″},
{rank:71, firm:”COIMA SGR”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:72, firm:”Carmel Partners”, regname:”Carmel Partners Investment Mgmt LLC”, type:”RA”, crd:”148694″},
{rank:73, firm:”CIM Group”, regname:”CIM Capital IC Management LLC”, type:”RA”, crd:”164561″},
{rank:74, firm:”LCN Capital Partners”, regname:”LCN Capital Partners LP”, type:”ERA”, crd:”172419″},
{rank:75, firm:”GTIS Partners”, regname:”GTIS Partners LP”, type:”ERA”, crd:”151432″},
{rank:76, firm:”JP Morgan AM”, regname:”J.P. Morgan Investment Management Inc.”, type:”RA”, crd:”105476″},
{rank:77, firm:”Keppel Ltd”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:78, firm:”Centerbridge Partners”, regname:”Centerbridge Partners LP”, type:”RA”, crd:”155888″},
{rank:79, firm:”Almanac Realty Investors”, regname:”Almanac Realty Investors LLC”, type:”RA”, crd:”117004″},
{rank:80, firm:”FCP”, regname:”Federal Capital Partners LLC”, type:”RA”, crd:”146817″},
{rank:81, firm:”Phoenix Property Investors”,regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:82, firm:”American Landmark Apts”, regname:”American Landmark Apartments LLC”, type:”ERA”, crd:”294802″},
{rank:83, firm:”Sagard”, regname:”(Canadian – not US primary reg.)”, type:”N/A”, crd:””},
{rank:84, firm:”Covenant Capital Group”, regname:”Covenant Capital Group LLC”, type:”ERA”, crd:”155697″},
{rank:85, firm:”Gsun Fund Management”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:86, firm:”Dermody”, regname:”Dermody Properties LLC”, type:”ERA”, crd:”292748″},
{rank:87, firm:”Cortland”, regname:”Cortland Management LLC”, type:”ERA”, crd:”284516″},
{rank:88, firm:”Hillhouse Investment”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:89, firm:”Stoneshield”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:90, firm:”DRA Advisors”, regname:”DRA Advisors LLC”, type:”RA”, crd:”116050″},
{rank:91, firm:”HIG Capital”, regname:”H.I.G. Capital LLC”, type:”RA”, crd:”144099″},
{rank:92, firm:”Henderson Park Capital”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:93, firm:”Asana Partners”, regname:”Asana Partners LLC”, type:”ERA”, crd:”282248″},
{rank:94, firm:”Ardian”, regname:”(Non-US – not US primary reg.)”, type:”N/A”, crd:””},
{rank:95, firm:”Conversant Capital”, regname:”Conversant Capital LLC”, type:”ERA”, crd:”305261″},
{rank:96, firm:”Nuveen”, regname:”Nuveen Alternatives Advisors LLC”, type:”RA”, crd:”173697″},
{rank:97, firm:”Pantzer Properties”, regname:”Pantzer Properties Inc.”, type:”ERA”, crd:”165756″},
{rank:98, firm:”NorthPoint Development”, regname:”NorthPoint Development LLC”, type:”ERA”, crd:”291564″},
{rank:99, firm:”Mesirow”, regname:”Mesirow Financial Investment Mgmt Inc.”, type:”RA”, crd:”111218″},
{rank:100,firm:”KingSett Capital”, regname:”(Canadian – not US primary reg.)”, type:”N/A”, crd:””},
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Disclosure: I used an Claude AI to verify the registration status and to conduct the research.
Sources: