Blackstone once again reigns supreme among the top real estate companies in the world this year, though overall these high-earning firms raked in less private capital combined than last year, new data show.
The New York-based firm, led by Stephen Schwarzman and with more than $1 trillion in assets under management, raised $52.2 billion over the past five years, the most among real estate managers backed by private funds, according to PERE’s annual ranking of these firms.
The publication ranked the companies by the capital they raised over the past five years from institutional investors for closed-end private funds and other vehicles.
Brookfield Asset Management, a publicly traded company that also has some $1 trillion in assets under management, was second on the list. The New York-headquartered company raised about $29.9 billion during this time, according to the ranking.
Three new companies broke into the top 10 list this year: KKR, Starwood Capital Group and The Carlyle Group — all of which reported double-digit growth in capital raised.
Blackstone and Brookfield held the top slots last year, though they raised more in the five years prior to 2024.
Blackstone raked in $63.5 billion for the rolling five years in 2024, or about 18 percent less than the 2025 total, according to PERE’s data. Brookfield’s 2024 figure was $39.9 billion, about 25 percent less than its total this year, the biggest drop among the top 10 firms.
New York-based Blue Owl Capital recorded the greatest growth in its 2025 and 2024 totals, of about 80 percent. That boosted the firm to third place this year from seventh last year.
The top 100 companies on PERE’s 2025 ranking brought in $645.7 billion. That represents a 7.7 drop in private capital raised compared to 2024’s total, according to the publication. It’s also the second straight drop in a row.
The second tranche of top managers, or those ranked between 100 and 200 on PERE’s list, brought in $131 billion worth of capital — about the same as the year before. However, this cohort’s five-year total last year was 8.4 percent higher than the prior year’s, further reflecting a slowdown in fundraising.
Subscribe to TRD Data to unlock this content