The inaugural PERE Core 100 highlights the scale of capital committed to open-end funds targeting core and core-plus strategies as investors rethink the role these lower-risk approaches play in today’s market. With rising values no longer doing the heavy lifting, the focus is shifting from market momentum toward durable income. The top 100 managers raised a combined $223.2 billion over a five-year period.
CORE 100: TOP 10 MANAGERS
| Rank | Manager | Headquarters | Capital raised ($m) |
|---|---|---|---|
| 1 | CBRE Investment Management | New York | 18,902 |
| 2 | Clarion Partners | New York | 13,044 |
| 3 | Morgan Stanley Investment Management | New York | 8,460 |
| 4 | Harrison Street Asset Management | Chicago | 7,858 |
| 5 | PGIM | Newark | 7,770 |
| 6 | Hines | Houston | 7,638 |
| 7 | IDR Investment Management | Independence | 6,297 |
| 8 | Nuveen | New York | 6,070 |
| 9 | JPMorgan Asset Management | New York | 5,849 |
| 10 | Brookfield Asset Management | New York | 5,830 |
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INSIDE THE PERE CORE 100
Introducing the PERE Core 100
The inaugural PERE Core 100 highlights the scale of capital committed to open-end funds targeting core and core-plus strategies.
A new dawn for core real estate
The inaugural PERE Core 100 highlights the scale of capital committed to open-end funds targeting core and core-plus strategies.
Sector specialists reign supreme in the Core 100
The inaugural PERE Core 100 highlights the scale of capital committed to open-end funds targeting core and core-plus strategies.
PERE CORE 100 | METHODOLOGY
PERE Core 100 Methodology
The inaugural edition of the PERE Core 100 ranks private real estate firms on their fundraising achievements for core and core-plus-focused investment strategies via open-end private real estate funds
The PERE Core 100 ranking showcases the amount of dedicated gross capital raised for core and core-plus private real estate funds between January 1, 2021, and December 31, 2025. For the purpose of the ranking, we only count equity capital raised for open-end, commingled funds during the five-year period. We count capital raised for which the manager has full discretion over the investment process, from asset selection to management and exit. Manager equity commitments can be included too, as long as these are made for alignment purposes only. Capital committed by affiliated entities as well as fund leverage is not eligible. We also do not count SMAs, JVs, funds of funds, private REITs (traded and non-traded) as well as recycled or rolled-over capital. We do not accept deal-by-deal fundraises, either.
Defining core
Core: Stabilized, income-producing properties with high-quality credit tenancy; primary markets; low leverage; longer intended hold period (10 years).
Core-plus: Income-producing properties with opportunity to further enhance value; primary and secondary markets; modest leverage; longer intended hold period (7-10 years).
Source: Clarion Partners
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LATEST CORE STORIES
OTHER RANKINGS
In addition to the PERE 100, PERE also compile other private real estate rankings.
What’s more, our sister titles also produce their own industry rankings covering private equity, infrastructure investing and private debt.
To view the latest rankings from PERE, plus those from Private Equity International, Infrastructure Investor and Private Debt Investor, simply navigate through the sections below:
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