Largest Real Estate Fund Managers (2024 Filings)

Blackstone reports $171 billion in private real estate fund assets to the SEC, more than twice as much as Brookfield, the next manager, in Form ADV filings through December 31, 2024. Bridge Investment Group is third. According to SEC data, the ten largest managers hold 35% of the $1.21 trillion in real estate fund assets that 751 advisers report.

The figures are counted fund by fund from Schedule D of Form ADV, which the SEC releases in full for periods ending December 31, 2024. Exempt reporting advisers, which report to the SEC without registering, are included and hold 13% of real estate fund assets, according to SEC data.

The 25 largest real estate fund managers

Ranked by the gross assets of the real estate funds each manager advises, as its advisers reported them on Schedule D. Only real estate funds count, so a manager that also runs private equity, credit or hedge funds is ranked on its real estate funds alone. "Reports as" says whether the manager's advisers are registered with the SEC or report as exempt reporting advisers. Feeder funds and funds of funds are left out so that no investor's money is counted twice, and a fund reported by two advisers counts once in every total and share.

Rank	Manager	Real estate fund assets	Share	Funds	Reports as	Source
1	Blackstone (6 advisers)	$171 billion	14.2%	126	Registered	SEC
2	Brookfield	$58.3 billion	4.8%	120	Registered	SEC
3	Bridge Investment Group (2 advisers)	$33.7 billion	2.8%	69	Registered	SEC
4	Invesco (2 advisers)	$31.9 billion	2.6%	8	Registered	SEC
5	Starwood Capital	$28.2 billion	2.3%	92	Registered	SEC
6	Affinius Capital (2 advisers)	$24.7 billion	2.0%	79	Registered	SEC
7	Carlyle (2 advisers)	$20.1 billion	1.7%	35	Registered	SEC
8	Clarion Partners	$19.8 billion	1.6%	12	Registered	SEC
9	Exeter Property Group	$17.4 billion	1.4%	13	Registered	SEC
10	Greystar	$16.4 billion	1.4%	17	Registered	SEC
11	TPG	$15.8 billion	1.3%	30	Registered	SEC
12	Aermont Capital (2 advisers)	$15.4 billion	1.3%	5	Exempt reporting	SEC
13	DivcoWest	$15.3 billion	1.3%	25	Registered	SEC
14	Nuveen (3 advisers)	$14.5 billion	1.2%	15	Both	SEC
15	Kayne Anderson Capital Advisors	$13.4 billion	1.1%	26	Registered	SEC
16	Rockpoint Group	$12.9 billion	1.1%	38	Registered	SEC
17	Related Fund Management	$12.4 billion	1.0%	34	Registered	SEC
18	Apollo	$12.1 billion	1.0%	68	Registered	SEC
19	Morgan Stanley (filed as MSREF Real Estate Advisor)	$11.5 billion	0.9%	18	Registered	SEC
20	Walton Street Capital	$11.3 billion	0.9%	56	Registered	SEC
21	Rockwood Capital	$10.9 billion	0.9%	25	Registered	SEC
22	KKR	$10.5 billion	0.9%	27	Registered	SEC
23	NREP	$9.7 billion	0.8%	7	Exempt reporting	SEC
24	IPI Partners	$9.6 billion	0.8%	17	Registered	SEC
25	Bain Capital	$9.4 billion	0.8%	19	Registered	SEC

Download this table (CSV), free. The full dataset, every registered and exempt reporting adviser with real estate funds, by filing adviser, is one email away.

Fund sizes, owners and exempt advisers

• The median real estate fund reports $38 million in gross assets, and the largest tenth of funds hold 69% of the total, according to SEC data.
• Investors outside the US own 40% of real estate fund assets, weighting each fund's reported share of non-US owners by its size, according to SEC data.
• According to SEC data, 224 exempt reporting advisers and 527 registered advisers report real estate funds. Nearly all of the exempt advisers' real estate fund assets are at advisers relying on the exemption for advisers solely to private funds, Item 2.B.(2) or (3), and 2 of the 25 managers in the table report only as exempt reporting advisers.

The largest real estate fund-of-funds managers

A real estate fund of funds invests in other managers' funds, so its assets are already counted in the table above under the managers it backs. They are ranked here on their own. According to SEC data, 879 real estate funds of funds report $84.6 billion, led by APG Asset Management with $13.9 billion.

Rank	Manager	Real estate funds of funds	Funds	Source
1	APG Asset Management	$13.9 billion	2	SEC
2	StepStone	$13.0 billion	48	SEC
3	Strategic Partners Fund Solutions Advisors	$7.1 billion	9	SEC
4	CBRE Investment Management	$6.9 billion	4	SEC
5	PIMCO Prime Real Estate	$5.5 billion	2	SEC
6	BGO	$3.8 billion	103	SEC
7	IDR Investment Management	$3.1 billion	1	SEC
8	Ares	$2.0 billion	16	SEC
9	Stafford Capital Partners Limited	$1.7 billion	6	SEC
10	Equity Resource Investments	$1.3 billion	41	SEC

What this means for technology buyers

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• Real estate deal pipeline and underwriting platforms: sourcing, modeling and approving acquisitions.
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Mapping the firm before choosing systems? The Real Estate Business Architecture Toolkit sets out what a real estate investment manager does, from acquisition to asset management and investor reporting.

More from Finantrix Atlas

• Largest US-listed REITs
• Largest commercial real estate lenders
• Largest private equity firms by fund assets

How this list was built

The universe is every private fund that an adviser reported on Schedule D, Section 7.B.(1) of Form ADV, in its latest filing up to December 31, 2024, from both registered and exempt reporting advisers. An adviser counts only if the SEC's own lists of registered and exempt reporting advisers for January 2, 2025 still include it: 151 funds of 78 advisers that the lists no longer include are left out. A fund counts when its adviser classed it as a real estate fund, which Form ADV defines as a private fund that is not a hedge fund, does not give investors redemption rights in the ordinary course, and invests primarily in real estate and assets tied to it. Of those, 290 feeder funds are left out because their assets are invested in a master fund that is reported as well, 268 funds that report no gross assets are left out rather than counted as zero, and funds of funds are ranked separately.

One fund is set aside as an entry error: a fund of funds reporting more than ten times the gross assets of the tenth-largest real estate fund on Form ADV, with a handful of owners. It stays in the dataset as filed, and the build fails if another fund that far out of line appears.

Form ADV gives each private fund one identification number, which every adviser to that fund must use. According to SEC data, 16 real estate funds are reported by more than one adviser; each is credited to every manager that reports it and counted once in totals and shares.

The SEC's lists for January 2, 2025 also give each adviser's number of real estate funds and the gross assets of all its private funds. For 890 of the 890 advisers counted here, both match this count, the gross assets to within 1%, according to SEC data.

Advisers that file separately but share a firm's name are grouped under that firm, and a brand name is shown where the adviser files under another. The dataset lists every filing adviser with its own figures, so any grouping can be undone.

Limits

• Dated. Schedule D is published in full only for past periods, so this page describes filings through December 31, 2024, not today. Advisers update the private fund section in their annual amendment, so a fund's figures can be older than that.
• Private funds only. Real estate held in separate accounts, in REITs or in registered funds is not a private fund and is not counted, so a manager's whole real estate business can be larger than what it reports here.
• The adviser classes the fund. The form's definition leaves out funds that give investors redemption rights in the ordinary course, but each adviser applies it to its own funds, so open-end funds can appear under this type or under another.
• Gross assets include uncalled commitments. Form ADV asks for a private fund's gross assets on the basis used for regulatory assets under management: the fair value of what the fund holds, including assets bought with borrowing, plus investors' uncalled capital commitments, according to the SEC's instructions. It is neither equity invested nor the capital a manager has raised.
• Advisers on Form ADV only. Managers with no SEC registration and no exempt report are not in this data set. Exempt reporting advisers do not report regulatory assets or clients, so neither is shown.
• Grouping is by name. A manager whose advisers file under unrelated names appears once per adviser.

Cite this

Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.

Blackstone reports $171 billion in private real estate fund assets to the SEC, the most of any manager, according to a Finantrix Atlas analysis of Form ADV filings through December 31, 2024.

The ten largest real estate fund managers hold 35% of the private real estate fund assets reported on Form ADV, according to a Finantrix Atlas analysis of SEC data.

Suggested citation: Finantrix Atlas, "Largest Real Estate Fund Managers," filings through December 31, 2024, from SEC Form ADV Schedule D. https://www.finantrix.com/articles/largest-real-estate-fund-advisers

Embed the chart:

<a href="https://www.finantrix.com/articles/largest-real-estate-fund-advisers"><img src="https://www.finantrix.com/atlas/largest-real-estate-fund-advisers.png" alt="The largest real estate fund managers by fund assets, from Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/largest-real-estate-fund-advisers">Finantrix Atlas</a>, from SEC Form ADV data.</p>

Frequently asked questions

Q: Who is the largest real estate fund manager? A: By the private real estate fund assets its advisers report to the SEC, Blackstone, with $171 billion in Form ADV filings through December 31, 2024. Brookfield is next, with $58.3 billion, according to SEC data.

Q: How much is invested in private real estate funds? A: Registered and exempt reporting advisers report $1.21 trillion in real estate fund gross assets across 5,010 funds to the SEC, not counting feeder funds or funds of funds, in filings through December 31, 2024.

Q: Does this include REITs? A: No. Listed and non-traded REITs sell their shares as public companies registered with the SEC, not as private funds, so they are not in the private fund section of Schedule D. The largest listed REITs are ranked on a separate Finantrix Atlas page.