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Pere 30 2011 Essay

8530 words - 35 pages

PERE’s ranking of the 30 largest private equity real estate firms in the world

Methodology
e PERE 30 measures equity raised between 1 January 2006 and mid-April 2011 for direct real estate investment through closed-ended, commingled real estate funds and co-investment vehicles that sit alongside those funds. e vehicles must give the GP discretion over the capital, meaning club funds, separate accounts and joint ventures are excluded from the ranking. Also excluded are funds with strategies other than value-added and opportunistic, such as core and core-plus, as well as those not focused on direct real estate, like fund of funds and debt funds, and funds where the primary strategy is not ...view middle of the document...

Also hurting fundraising totals is the fact that a number of investment banks have been getting out of the private equity real estate business, meaning no new capital is being added to those rms’ fundraising totals. As a poster-child of the global credit crunch, Lehman Brothers has essentially been defunct since the fall of 2008, but it made its exit o cial last year, spinning out its real estate group to its former management. In addition, Citi Property Investors was sold outright, nding an interested buyer in Apollo Global Management, while Bank of America Merrill Lynch took a hybrid approach, spinning o its European platform to management and selling its Asia unit to Blackstone. Meanwhile, the tough fundraising climate of 2009 spilled into 2010 for a good half of the year before easing up somewhat and allowing some rms a glimmer of hope. Before that, however, those with more urgency or a lack of patience found other means to attract capital. Many such rms raised LP capital through separate account joint ventures and club funds, using those vehicles to make investments in lieu of the traditional commingled model. Others, seeing the wall of capital chasing high-quality assets and banks holding on to many distressed assets, turned to debt funds as a means of putting capital to work and taking advantage of the market’s recovery. Despite the tough environment and alternative strategies, some rms did nd success sticking to the traditional route. Two of the biggest fundraisers over the past ve quarters also happen to be the two biggest climbers in the PERE 30. Lone Star Funds was set to close its second real estate fund on $4.2 billion at press time, moving the rm up an amazing 16 spots in the ranking, while Shorenstein Properties recently closed its tenth fund on $1.23 billion, moving it up nine spots in the ranking. Looking at the PERE 30 as a whole, the cuto point to make this year’s ranking rose ever so slightly from $2.45 billion last year to $2.48 billion this year, and numerous rms came close to making the list. Indeed, DRA Advisors, JER Partners, Rockwood Capital and Brook eld Asset Management were all just $500 million or less from making the cut. Should one or more of the aforementioned strategic shi s continue this year, some if not all of these rms are likely to make it next year.

2011 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

Name of Firm The Blackstone Group Morgan Stanley Real Estate Investing Tishman Speyer Colony Capital Goldman Sachs Real Estate Principal Investment Area Beacon Capital Partners LaSalle Investment Management The Carlyle Group Prudential Real Estate Investors Lone Star Funds Westbrook Partners AREA Property Partners MGPA KK daVinci Advisors CBRE Investors Shorenstein Properties Rockpoint Group Lubert-Adler Real Estate Citi Property Investors Walton Street Capital Starwood Capital Group Bank of America Merrill Lynch Global Principal Investments TA Associates Realty GI...

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