Blackstone topped the list of the world’s biggest property fund managers again this year, as the world’s largest firms saw their assets under management soar.
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Blackstone saw its assets under management rise by a whopping €41B ($48B) in 2017 to €184B ($214B), according to the annual Fund Manager Survey complied by INREV, ANREV and NCREIF.
To make the top five global property fund managers ranking, firms now need more than €100B ($117B) in assets under management, the survey showed. The top five managers includes Brookfield, PGIM, Hines and TH Real Estate, who all breached the €100B ($116B) mark.
To make the top five in 2015, €60B ($70B) would have been sufficient, and the fact that the big keep getting bigger is further highlighted by the fact that the top 10 managers accounted for 38% of the overall growth shown by the 162 managers surveyed. Overall, the assets under management of the firms surveyed rose 11% from €2.4 trillion ($2.8 trillion) to €2.7 trillion ($3.2 trillion) in 2017.
As in previous years, this survey showed that the bulk of capital was contributed by pension funds — 51.3% in Asia Pacific, 47.3% in North America and 43% in Europe. In Asia Pacific, sovereign wealth funds were the second most significant contributors of capital at 15.6%; while in Europe this slot was held by insurance companies at 31.2%.
