• Funds of funds’ global AUM rose to over US$ 85.8 billion at the end of 2022
• They invested US$ 5.5 billion into the global real estate market in 2022 and delivered a positive performance of 2.93%
• Value add allocations increased to a record 10% but focus on core remains
• Acceleration of granular diversification strategy through the choice of vehicle, sector and geography

The performance data presented in this report is not intended to serve as a benchmark and should be used for research and information purposes only.

• Blackstone is the biggest fund manager with more than US$500 billion of real estate AUMBlackstone is the biggest fund manager with more than US$500 billion of real estate AUM

• Continued concentration of global AUM in the largest managers, with top four managers accounting for almost 27% of the total real estate capital.

• ESR has become the manager with the largest Asia Pacific real estate AUM

• Pan-Asian industrial and logistics players are emerging among top fund managers.

At the end of 2022, the total global real estate assets under management (AUM) reached a record of US$4.1 trillion. The total AUM of the top 10 managers exceeded US$1.9 trillion. With US$508.2 billion of real estate AUM, Blackstone tops the overall list, followed by Brookfield and Prologis.
 
ESR is making is replacing GLP in the top 10 and takes the first spot in APAC.

ANREV, INREV and NCREIF are pleased to present a series of quarterly snapshots on what’s happening in the global real estate investment market.

In this short two-page snapshot, the Global Research Committee will share their views and paint a picture of the global landscape drawing on data and insights from recent global indices and global surveys, conducted by all three associations.

With the popularity of the Asia Pacific non-listed real estate market continuing to increase, it is timely to assess how much capital is entering the market and what this figure represents on a global basis.

The Capital Raising Survey was first launched in 2014. This survey gives an insight into capital raising activities within the non-listed real estate industry by region, product type and investment strategy. The non-listed real estate products include separate accounts, joint ventures, club deals, funds of funds and non-listed real estate debt products. The report offers detailed insights into global and regional capital raising figures.

The 2023 survey attracted the participation of 116 fund managers from 21 countries across Asia Pacific, Europe and North America.

Capital was sought for 747 vehicles which equate to a minimum of US$264 billion of new equity raised for investments into non-listed real estate.

The Asia Pacific region attracted US$34 billion of new capital.

ANREV, INREV and NCREIF are pleased to present a series of quarterly snapshots on what’s happening in the global real estate investment market.

In this short two-page snapshot, the Global Research Committee will share their views and paint a picture of the global landscape drawing on data and insights from recent global indices and global surveys, conducted by all three associations.

ANREV is pleased to present the results of the Investment Intentions Survey 2023 with a specific focus on non-listed real estate funds. The survey was conducted in conjunction with the European Association for Investors in Non-listed Real Estate Vehicles (INREV) and the Pension Real Estate Association (PREA). By joining the forces of all three organizations, the survey is able to present a truly global view on expected trends and investment intentions within the real estate industry. This is the fifteenth edition of the regional survey which attracted 82 respondents: 75 investors (91%), and 7 funds of funds managers (9%).

Chapter 1 explores global real estate allocations, providing insight into investment trends globally and is based on the full sample of respondents. This is a common section that can also be found in the INREV and PREA 2023 Investment Intentions reports.

Chapter 2 focus on the Asia Pacific real estate market, including insights on preferred structures, markets, sectors, styles and trends. This chapter is based only on those investors and fund of fund managers who are already investing in the Asia Pacific market or intend to do so in the next two years.

• Funds of funds AUM rose to at least US$59.7 billion globally end of 2021
• As a group, funds of funds delivered a record-high total return of 12.4% in 2021
• Large, open end core vehicles with a global strategy dominate the funds of funds market segment

The performance data presented in this report is not intended to serve as a benchmark and should be used for research and information purposes only.

• Total real estate AUM at US$4.7 trillion, marking a new record in the history of the survey

• Top 10 RE managers reported a total of US$1.9 trillion AUM, a  28% increase on the US$1.5 trillion equivalent at the end of 2020

• GLP is making is replacing CapitaLand in the top 10

At the end of 2021, the total global real estate assets under management (AUM) reached a new record high of US$4.7 trillion compared with the US$4.1 trillion recorded a year earlier.The total AUM of the top 10 managers exceeded US$1.9 trillion. With US$475.6 billion of real estate AUM, Blackstone tops the overall list, followed by Brookfield and Prologis.
 
GLP is making is replacing CapitaLand in the top 10 and takes the first spot in APAC.

With the popularity of the Asia Pacific non-listed real estate market continuing to increase, it is timely to assess how much capital is entering the market and what this figure represents on a global basis.

The Capital Raising Survey was first launched in 2014. This survey gives an insight into capital raising activities within the non-listed real estate industry by region, product type and investment strategy. The non-listed real estate products include separate accounts, joint ventures, club deals, funds of funds and non-listed real estate debt products. The report offers detailed insights into global and regional capital raising figures.

The 2021 survey attracted the participation of 130 fund managers from 24 countries across Asia Pacific, Europe and North America.

Capital was sought for 743 vehicles which equate to a minimum of US$288 billion of new equity raised for investments into non-listed real estate.

The Asia Pacific region attracted US$39 billion of new capital.

Fund managers remain focused on financial performance amidst growing interest in sustainability Sustainability has been gaining traction as a concept in recent times. Nonetheless, fund managers appear to be primarily still interested in the bottom line.
Correspondingly, this study was conducted by Jeslyn NG, to uncover the possible influence of ESG factors on the performance of private equity real estate funds in Asia Pacific.