Private Equity Real Estate 50: Which are Registered with the SEC?

pere 50

Private Equity Real Estate just released its ranking of the top 50 real estate private equity fund managers. As I have done in the past, I parsed the list to see which managers are registered with the Securities and Exchange Commission as investment advisers. (Disclosure: my company is on the list.)

1 The Blackstone Group Registered
2 Starwood Capital Group Registered
3 Lone Star Funds (Hudson Advisors) Registered
4 Colony Capital Registered
5 LaSalle Investment Management Registered
6 Tishman Speyer Registered
7 The Carlyle Group Registered
8 Goldman Sachs Real Estate Principal Investment Area Registered
9 Brookfield Asset Management Registered
10 MGPA Registered
11 Morgan Stanley Real Estate Investing Registered
12 CBRE Global Investors Registered
13 Westbrook Partners Registered
14 AREA Property Partners Registered
15 Angelo, Gordon & Co Registered
16 Prudential Real Estate Investors Registered
17 Shorenstein Properties
18 CapitaLand Overseas
19 Fortress Investment Registered
20 TA Associates Realty Registered
21 Oaktree Registered
22 Bank of America Merrill Lynch Global Principal Investments Registered
23 Walton Street Capital Registered
24 Northwood Investors Registered
25 Perella Weinberg Partners Registered
26 Lubert-Adler Real Estate Registered
27 AEW Global Registered
28 Beacon Capital Partners Registered
29 Orion Capital Registered (overseas)
30 Alpha Investment Partners Overseas
31 DRA Advisors Registered
32 KSL Capital Registered
33 ARA Asset Management Overseas
34 Rockpoint Group Registered
35 Niam Overseas
36 Hemisferio Sul Investimentos Overseas
37 Hines Registered
38 GI Partners Registered
39 Cerberus Capital Registered
40 GTIS Partners Registered
41 Invesco Real Estate Registered
42 Crow Family Registered
43 CIM Group
44 Rockwood Capital Registered
45 Berkshire Property Advisors Registered
46 Harrison Street Real Estate Capital Registered
47 GE Capital Real Estate
48 Kayne Anderson Real Estate Registered
49 Spear Street Capital
50 Stockbridge Capital Registered

 

PERE expanded the list this year from 30 to 50.  On the list, 41 of the top 50 are registered with the SEC as investment advisers. Of those not registered, 5 are overseas and likely are outside the scope of SEC registration requirements.

There are good arguments to be made on both sides of the registration debate for real estate funds. The core requirement under the Investment Advisers Act is that the manager is giving investment advice about securities. Most of these real estate fund managers are truly focused on real estate and not securities. However, the discussion between what is and is not a security may be fun for the first week of your securities law class in law school. It’s not a fun discussion when trying to comply with regulatory requirements.

The PERE 50 measures capital raised for direct real estate investment through commingled vehicles, together with co-investment capital, over the past five years.

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