PFR are proud to release the results from the 2023 issue of the Global Investment Managers survey alongside Institutional Real Estate, Inc.

2023 will mark 17 years of the survey and includes the responses of 228 managers, representing a total global real estate assets under management of $6.09 trillion. “The industry’s largest investment manager is once again Blackstone, which reported total real estate AUM of $508.2 billion, more than twice as much as the No. 2 ranked Brookfield Asset Management, which oversees AUM of $246.8 billion. Also holding steady in their same places were MetLife Investment Management ($190.9 billion), PGIM Real Estate ($159.2 billion) and Nuveen, a TIAA company ($155.3 billion).”

Although the 5 largest managers have held onto their top spots from last year, there has been some interesting activity amongst the mid-managers associated with increased M&A activity, rebranding and sale of non-real estate specific parts of businesses. In 2022 over 13 significant corporate events were disclosed as part of the survey, this compares to only 11 in 2021 and five in 2020. Most of these deals impacted managers with AuM between US$30bn and US$5bn. Therefore, whilst the top managers are comfortable in their position, mid-managers are on their toes to keep up.

The survey findings provide an interesting insight to the real estate fund management industry and the changing investment sentiment over the years. We very much appreciate everyone’s help in completing the surveys!