PREQIN SPECIAL REPORT: THE REAL ESTATE TOP 100

1 PREQIN SPECIAL REPORT: THE REAL ESTATE TOP 100 SEPTEMBER 2017 alternative assets. intelligent data. The 100 Largest Private Fund Managers The 100 Largest Institutional Investors PREQIN Ltd. 2017 / SPECIAL REPORT: THE REAL ESTATE TOP 100 FOREWORDThe fundraising market is competitive. As we approach the beginning of Q4, 562 private real ESTATE funds are actively seeking capital, and with an average of approximately 300 vehicles reaching a final close annually in the last decade, there will undoubtedly be those that fail to reach their initial targets. Compounding this difficulty is the trend towards capital concentration: the number of vehicles reaching a final close has declined for three consecutive years, while the amount of capital secured remains high. Who has benefitted from this?

2 PREQIN s most recent interviews with institutional investors point towards firms that hold the longest track records, which are typically the largest fund managers. PREQIN s top 100 private real ESTATE fund managers have collectively secured 62% of all capital raised in the last decade and, to further illustrate their dominance, the top 20 private real ESTATE funds closed in the past 10 years have been raised by just five firms, securing close to $150bn in institutional capital commitments in the process. With high valuations for assets, the largest firms are poised to take advantage of any opportunity that arises in the asset class has delivered for institutional investors in recent years, with distributions outstripping capital calls, which has resulted in a strong appetite for real ESTATE investment.

3 While uncertainty over valuations and deal flow which could affect future portfolio returns may have dampened some of that enthusiasm (as reflected in investors short-term plans), institutions remain committed to real ESTATE in the long term. Currently, the top 100 real ESTATE investors allocate $ to the asset class, and their activity will guide the future course of the industry. With the objective of providing greater insight into the most influential industry players, PREQIN is pleased to provide for the first time a comprehensive ranking of the top 100 fund managers and institutional investors within the asset class, taken from PREQIN s Real ESTATE Online. For the purpose of this report, the fund manager rankings have been compiled based on the total value of closed-end private real ESTATE funds raised by each manager in the past 10 years, including any capital raised by owned subsidiaries.

4 Investor rankings only include institutional investors, and therefore exclude real ESTATE firms and funds of funds. In addition to the full fundraising history of the top 100 fund managers and investment preferences of the top 100 investors, Real ESTATE Online contains detailed information on more than 4,100 fund managers, 6,600 funds and more than 5,800 investors in the asset class. We hope you find this report useful, and welcome any feedback you may have. For more information about PREQIN and our Real ESTATE Online database, please visit or contact us at All rights reserved. The entire contents of PREQIN SPECIAL Report: The Real ESTATE Top 100, September 2017 are the Copyright of PREQIN Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of PREQIN Ltd.

5 The information presented in PREQIN SPECIAL Report: The Real ESTATE Top 100, September 2017 is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent financial advisor and hereby agrees that he will not hold PREQIN Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of PREQIN SPECIAL Report: The Real ESTATE Top 100, September 2017. While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confirm the accuracy of such information wherever possible, PREQIN Ltd.

6 Does not make any representation or warranty that the information or opinions contained in PREQIN SPECIAL Report: The Real ESTATE Top 100, September 2017 are accurate, reliable, up-to-date or complete. Although every reasonable effort has been made to ensure the accuracy of this publication PREQIN Ltd. does not accept any responsibility for any errors or omissions within PREQIN SPECIAL Report: The Real ESTATE Top 100, September 2017 or for any expense or other loss alleged to have arisen in any way with a reader s use of this ESTATE ONLINEP reqin s Real ESTATE Online is the leading source of intelligence on global institutions looking to invest in real ESTATE . Access in-depth data on institutional investors including fund contact information for key decision makers, allocations, future plans, past commitments and more.

7 Fundraise faster and more effectively with more information, or to arrange a demo, please get in touch: : | : alternative assets. intelligent SPECIAL REPORT: THE REAL ESTATE TOP 1004771337122530894710010020030040050060 0 North AmericaEuropeAsiaRest of WorldNo. of Funds ClosedAggregate Capital Raised ($bn)Source: PREQIN Real ESTATE OnlineFund Manager LocationFig. 1: Fundraising by the Top 100 Real ESTATE Fund Managers in the Last 10 Years by LocationTHE TOP 100 FUND MANAGERS29740517513511372118650%10%20%30 %40%50%60%70%80%90%100%No. of Funds ClosedAggregate Capital Raised ($bn)76-10051-7526-50 Top 25 Source: PREQIN Real ESTATE OnlineProportion of TotalFig. 2: Fundraising by the Top 100 Real ESTATE Fund Managers in the Last 10 Years by Ranking$710bnAggregate capital raised* for private real ESTATE funds by the top 100 fund managers in the past 10 of top 100 private real ESTATE fund managers based in New York, followed by 13 in London.

8 $161bnEstimated dry powder available to the top 100 private real ESTATE fund AMERICA689 ASIA20 AUSTRALASIATop 100 Real ESTATE Fund Managers by Location:EUROPE2 SOUTH AMERICA1*Capital raised includes interim closes. PREQIN Ltd. 2017 / SPECIAL REPORT: THE REAL ESTATE TOP 100 Top 100 Real ESTATE Fund Managers by Capital Raised in the Last 10 Years* (1-50)RankFirmHeadquartersAggregate Capital Raised in Last 10 Years ($bn)Dry Powder ($bn)1 Blackstone GroupNew York, Star FundsDallas, Property GroupToronto, GroupWashington, Stanley Real ESTATE InvestingNew York, Global InvestorsLos Angeles, Sachs Merchant Banking DivisionNew York, Capital GroupGreenwich, Investment Managers Real AssetsParis, Real EstateMadison, NorthStarLos Angeles, Logistic , Gordon & CoNew York, Investment ManagementChicago, GroupBoston, Beach, Capital ManagementLos Angeles, Capital ManagementBoston, PartnersNew York, York, GroupBaar-Zug, Immobilien AGAugsburg, SpeyerNew York, Capital PartnersBoston, Real ESTATE GroupNew York, GroupLos Angeles, Beach, CompaniesChevy Chase, Street CapitalChicago, Real EstateLondon, Capital PartnersLondon, AdvisorsNew York, Anderson Capital AdvisorsLos Angeles.

9 Capital ManagersLondon, CapitalLondon, Investment GroupNew York, York, InvestorsNew York, Capital PartnersStamford, Holdings Capital Real EstateDallas, PropertiesSan Francisco, Capital ManagementMiami, Real ESTATE Capital ManagementNew York, Street Real ESTATE CapitalChicago, Property GroupConshohocken, Capital PartnersHong Asset ManagementAberdeen, Hall GroupSydney, *Excludes separate accounts. alternative assets. intelligent SPECIAL REPORT: THE REAL ESTATE TOP 100 Top 100 Real ESTATE Fund Managers by Capital Raised in the Last 10 Years* (51-100)RankFirmHeadquartersAggregate Capital Raised in Last 10 Years ($bn)Dry Powder ($bn)=GreenOakNew York, PartnersLondon, York, Global Real ESTATE ManagementNew York, Asset Real ESTATE AdvisersHartford, , RealtyBoston, InvestorsNew York, Real EstateHong Investment GroupSalt Lake City, PartnersSan Francisco, Francisco, Children's Investment Fund ManagementLondon, Real EstateAtlanta, Angeles, Investment ManagementLondon, , Realty InvestorsNew York, PartnersNew York, Mile Capital ManagementNew York, Investment PartnersSingapore, CapitalLondon, Finance PartnersNew York, Real ESTATE PartnersNew York, Sul InvestimentosS o Paulo, , International RealtyNew York, Real EstateNew York, Geier PartnersSan Francisco, CapitalLondon, CapitalToronto, , InvestimentiRome, Real ESTATE PartnersCharleston, , CapitalNew York.

10 Paribas Real ESTATE Investment ManagementParis, Asset ManagementMumbai, CompaniesNew York, PartnersWestport, , Capital PartnersLondon, Property Investment ManagersLondon, Street CapitalSan Francisco, Capital ManagementLondon, InternationalChicago, Management CorporationBirmingham, RealtyIrvine, : PREQIN Real ESTATE Online*Excludes separate accounts. alternative assets. intelligent investors for funds and separate accountsIDENTIFYnew investment opportunitiesCONDUCT competitor and market analysisCOMPARE fund performance against industrybenchmarksDEVELOPnew businessRegister for demo access to find out how PREQIN s Real ESTATE Online can help your alternative assets. intelligent data. alternative assets. intelligent SPECIAL REPORT: THE REAL ESTATE TOP 100 THE TOP 100 INSTITUTIONAL INVESTORS83%69%82%71%59%44%6%22%0%10%20% 30%40%50%60%70%80%90%CoreCore-PlusValue AddedOpportunisticDebtDistressedSecondar iesFund of FundsSource: PREQIN Real ESTATE OnlineProportion of InvestorsStrategy PreferenceFig.