Top 50 Real Estate Investment Firms by Number of RE Funds
Last Updated: September 2, 2025 per SEC Form ADV Data
| # | Firm Name | Total RAUM | Private Fund Assets | Total Clients | Employees | Hedge | VC | PE | RE | Other | Total Funds |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | APOLLO CAPITAL MANAGEMENT, L.P. NEW YORK, NY • CRD 143161 | $583.1B | $284.4B | 706 | 3,126 | 135 | 0 | 208 | 107 | 0 | 659 |
| 2 | STARWOOD CAPITAL GROUP MANAGEMENT, L.L.C. MIAMI BEACH, FL • CRD 110148 | $71.2B | $37.8B | 233 | 457 | 0 | 0 | 6 | 107 | 0 | 113 |
| 3 | BROOKFIELD ASSET MANAGEMENT PIC US, LLC NEW YORK, NY • CRD 151599 | $92.3B | $64.6B | 113 | 1,610 | 1 | 0 | 0 | 102 | 0 | 103 |
| 4 | ARES MANAGEMENT LLC LOS ANGELES, CA • CRD 130074 | $359.1B | $374.8B | 589 | 2,996 | 243 | 5 | 127 | 97 | 0 | 610 |
| 5 | BRIDGE INVESTMENT GROUP SANDY, UT • CRD 159127 | $49.0B | $46.2B | 190 | 610 | 1 | 0 | 0 | 78 | 0 | 88 |
| 6 | BLACKSTONE REAL ESTATE ADVISORS L.P. NEW YORK, NY • CRD 142979 | $134.6B | $134.6B | 72 | 621 | 0 | 0 | 0 | 53 | 0 | 53 |
| 7 | GOLDMAN SACHS & CO. LLC NEW YORK, NY • CRD 361 | $233.2B | $67.3B | 42,138 | 3,704 | 5 | 0 | 139 | 38 | 0 | 183 |
| 8 | BLACKSTONE PROPERTY ADVISORS L.P. NEW YORK, NY • CRD 226598 | $73.6B | $55.9B | 67 | 651 | 21 | 0 | 0 | 38 | 0 | 59 |
| 9 | THE CARLYLE GROUP WASHINGTON, DC • CRD 111128 | $275.9B | $170.7B | 602 | 1,028 | 0 | 0 | 170 | 36 | 0 | 302 |
| 10 | J.P. MORGAN INVESTMENT MANAGEMENT INC. NEW YORK, NY • CRD 107038 | $2.99T | $137.0B | 114,499 | 3,186 | 11 | 0 | 14 | 29 | 0 | 210 |
| 11 | H.I.G. CAPITAL, LLC MIAMI, FL • CRD 160711 | $63.6B | $62.8B | 181 | 1,007 | 0 | 3 | 110 | 29 | 0 | 142 |
| 12 | BLACKSTONE REAL ESTATE SPECIAL SITUATIONS ADVISORS L.L.C. NEW YORK, NY • CRD 146043 | $64.3B | $20.8B | 80 | 273 | 6 | 0 | 0 | 28 | 0 | 34 |
| 13 | KOHLBERG KRAVIS ROBERTS & CO. L.P. NEW YORK, NY • CRD 144533 | $352.0B | $387.4B | 154 | 2,135 | 20 | 0 | 486 | 27 | 0 | 550 |
| 14 | PATHSTONE ENGLEWOOD, NJ • CRD 151736 | $100.4B | $14.0B | 26,320 | 663 | 29 | 8 | 86 | 20 | 0 | 165 |
| 15 | BLUE OWL REAL ESTATE CAPITAL LLC CHICAGO, IL • CRD 165132 | $53.8B | $32.9B | 79 | 110 | 29 | 0 | 0 | 20 | 0 | 50 |
| 16 | FORTRESS INVESTMENT GROUP NEW YORK, NY • CRD 129612 | $76.9B | $102.6B | 350 | 959 | 285 | 0 | 17 | 17 | 0 | 355 |
| 17 | GUGGENHEIM PARTNERS INVESTMENT MANAGEMENT, LLC NEW YORK, NY • CRD 137432 | $228.7B | $10.2B | 232 | 575 | 14 | 0 | 19 | 15 | 0 | 84 |
| 18 | CRESSET ASSET MANAGEMENT, LLC CHICAGO, IL • CRD 288566 | $71.9B | $6.8B | 42,546 | 468 | 8 | 43 | 26 | 15 | 0 | 141 |
| 19 | CLARION PARTNERS NEW YORK, NY • CRD 108803 | $73.4B | $27.4B | 41 | 295 | 3 | 0 | 0 | 14 | 0 | 17 |
| 20 | ALLIANCEBERNSTEIN L.P. NASHVILLE, TN • CRD 108477 | $709.2B | $10.0B | 68,593 | 3,994 | 14 | 2 | 6 | 13 | 0 | 50 |
| 21 | JPMORGAN ASSET MANAGEMENT (UK) LIMITED LONDON, • CRD 135960 | $386.0B | $13.9B | 894 | 1,427 | 1 | 0 | 0 | 11 | 0 | 15 |
| 22 | J.P. MORGAN PRIVATE INVESTMENTS INC. NEW YORK, NY • CRD 110186 | $375.6B | $16.4B | 1,099,136 | 714 | 10 | 0 | 57 | 10 | 0 | 77 |
| 23 | BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED HONG KONG, • CRD 165482 | $118.5B | $3.4B | 194 | 491 | 1 | 0 | 0 | 9 | 0 | 10 |
| 24 | STRATEGIC PARTNERS FUND SOLUTIONS ADVISORS L.P. NEW YORK, NY • CRD 134009 | $72.8B | $69.3B | 82 | 114 | 0 | 2 | 33 | 9 | 0 | 44 |
| 25 | ICONIQ CAPITAL, LLC SAN FRANCISCO, CA • CRD 159198 | $95.1B | $80.1B | 1,537 | 463 | 10 | 0 | 147 | 7 | 0 | 326 |
| 26 | PGIM, INC. NEWARK, NJ • CRD 105676 | $1.03T | $151.0B | 927 | 1,750 | 36 | 0 | 24 | 6 | 0 | 162 |
| 27 | NUVEEN ALTERNATIVES ADVISORS LLC NEW YORK, NY • CRD 160255 | $137.1B | $14.4B | 50 | 61 | 0 | 0 | 12 | 6 | 0 | 43 |
| 28 | GCM GROSVENOR L.P. CHICAGO, IL • CRD 108654 | $85.8B | $73.9B | 412 | 502 | 109 | 0 | 147 | 6 | 0 | 262 |
| 29 | PORTFOLIO ADVISORS LLC DARIEN, CT • CRD 105981 | $44.7B | $21.3B | 121 | 157 | 0 | 0 | 82 | 6 | 0 | 92 |
| 30 | COHEN & STEERS CAPITAL MANAGEMENT INC. NEW YORK, NY • CRD 106266 | $81.0B | $329.7M | 169 | 357 | 0 | 0 | 0 | 5 | 0 | 8 |
| 31 | STONEPEAK NEW YORK, NY • CRD 159699 | $70.7B | $44.1B | 103 | 298 | 11 | 2 | 86 | 5 | 0 | 104 |
| 32 | BARINGS LLC CHARLOTTE, NC • CRD 106006 | $345.2B | $25.0B | 373 | 1,056 | 3 | 0 | 10 | 4 | 0 | 76 |
| 33 | APG ASSET MANAGEMENT US, INC NEW YORK, NY • CRD 160795 | $150.7B | $21.3B | 39 | 189 | 3 | 0 | 3 | 4 | 0 | 28 |
| 34 | BLACKROCK FINANCIAL MANAGEMENT, INC NEW YORK, NY • CRD 107105 | $1.33T | $142.6B | 2,269 | 7,410 | 212 | 0 | 83 | 3 | 0 | 376 |
| 35 | FIAM LLC SMITHFIELD, RI • CRD 133196 | $270.7B | $6.7B | 600 | 192 | 1 | 0 | 2 | 3 | 0 | 20 |
| 36 | PANTHEON SAN FRANCISCO, CA • CRD 153425 | $75.3B | $27.1B | 151 | 103 | 0 | 0 | 54 | 3 | 0 | 83 |
| 37 | HPS INVESTMENT PARTNERS, LLC NEW YORK, NY • CRD 282125 | $155.8B | $138.4B | 284 | 717 | 61 | 0 | 139 | 2 | 0 | 242 |
| 38 | GENERAL ATLANTIC SERVICE COMPANY, L.P. NEW YORK, NY • CRD 133536 | $105.7B | $102.0B | 282 | 790 | 0 | 0 | 260 | 2 | 0 | 269 |
| 39 | UBS ASSET MANAGEMENT (AMERICAS) LLC NEW YORK, NY • CRD 106838 | $542.2B | $48.3B | 399,225 | 792 | 42 | 0 | 39 | 1 | 0 | 151 |
| 40 | POINT72 ASSET MANAGEMENT, L.P. STAMFORD, CT • CRD 283077 | $220.9B | $263.4B | 17 | 2,951 | 13 | 0 | 4 | 1 | 0 | 18 |
| 41 | DWS INVESTMENT MANAGEMENT AMERICAS, INC. NEW YORK, NY • CRD 104518 | $193.1B | $828.1M | 571 | 479 | 0 | 0 | 0 | 1 | 0 | 4 |
| 42 | INVESCO ASSET MANAGEMENT LTD. HENLEY-ON-THAMES, • CRD 109985 | $111.4B | $6.5B | 223 | 959 | 4 | 0 | 0 | 1 | 0 | 5 |
| 43 | TPG ANGELO GORDON NEW YORK, NY • CRD 131940 | $100.7B | $103.6B | 335 | 1,114 | 170 | 0 | 31 | 1 | 0 | 231 |
| 44 | FOCUS PARTNERS WEALTH, LLC ST. LOUIS, MO • CRD 159289 | $95.9B | $928.2M | 124,141 | 1,600 | 4 | 0 | 4 | 1 | 0 | 21 |
| 45 | STEPSTONE GROUP LP LA JOLLA, CA • CRD 143635 | $95.6B | $99.3B | 363 | 801 | 1 | 36 | 325 | 1 | 0 | 363 |
| 46 | III CAPITAL MANAGEMENT BOCA RATON, FL • CRD 113539 | $85.1B | $48.4B | 25 | 9 | 6 | 0 | 0 | 1 | 0 | 7 |
| 47 | CARLYLE GLOBAL CREDIT INVESTMENT MANAGEMENT L.L.C. NEW YORK, NY • CRD 162053 | $59.0B | $25.4B | 165 | 335 | 0 | 0 | 63 | 1 | 0 | 66 |
| 48 | LGT CAPITAL PARTNERS (USA) INC. NEW YORK, NY • CRD 160437 | $54.9B | $5.7M | 155 | 67 | 0 | 0 | 0 | 1 | 0 | 1 |
| 49 | BLACKSTONE ASSET BASED FINANCE ADVISORS LP NEW YORK, NY • CRD 120934 | $53.3B | $4.7B | 94 | 519 | 3 | 0 | 0 | 1 | 0 | 32 |
| 50 | THORNBURG INVESTMENT MANAGEMENT INC SANTA FE, NM • CRD 106357 | $45.3B | $40.1M | 705 | 219 | 0 | 0 | 0 | 1 | 0 | 2 |
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