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PREQIN SPECIAL REPORT:THE REAL ESTATE TOP 100 The 100 Largest Private Fund ManagersThe 100 Largest Institutional InvestorsSEPTEMBER 2017alternative assets. intelligent data.

PREQIN SPECIAL REPORT: THE REAL ESTATE TOP 100FOREWORDThe fundraising market is competitive. As we approach the beginning of Q4, 562 private real estate funds are actively seekingcapital, and with an average of approximately 300 vehicles reaching a final close annually in the last decade, there will undoubtedlybe those that fail to reach their initial targets. Compounding this difficulty is the trend towards capital concentration: the number ofvehicles reaching a final close has declined for three consecutive years, while the amount of capital secured remains high.Who has benefitted from this? Preqin’s most recent interviews with institutional investors point towards firms that hold the longesttrack records, which are typically the largest fund managers. Preqin’s top 100 private real estate fund managers have collectivelysecured 62% of all capital raised in the last decade and, to further illustrate their dominance, the top 20 private real estate funds closedin the past 10 years have been raised by just five firms, securing close to 150bn in institutional capital commitments in the process.With high valuations for assets, the largest firms are poised to take advantage of any opportunity that arises in the market.The asset class has delivered for institutional investors in recent years, with distributions outstripping capital calls, which has resultedin a strong appetite for real estate investment. While uncertainty over valuations and deal flow – which could affect future portfolioreturns – may have dampened some of that enthusiasm (as reflected in investors’ short-term plans), institutions remain committed toreal estate in the long term. Currently, the top 100 real estate investors allocate 1.4tn to the asset class, and their activity will guide thefuture course of the industry.With the objective of providing greater insight into the most influential industry players, Preqin is pleased to provide for the first time acomprehensive ranking of the top 100 fund managers and institutional investors within the asset class, taken from Preqin’s Real EstateOnline.For the purpose of this report, the fund manager rankings have been compiled based on the total value of closed-end private realestate funds raised by each manager in the past 10 years, including any capital raised by owned subsidiaries. Investor rankings onlyinclude institutional investors, and therefore exclude real estate firms and funds of funds. In addition to the full fundraising history ofthe top 100 fund managers and investment preferences of the top 100 investors, Real Estate Online contains detailed information onmore than 4,100 fund managers, 6,600 funds and more than 5,800 investors in the asset class.We hope you find this report useful, and welcome any feedback you may have. For more information about Preqin and our Real EstateOnline database, please visit www.preqin.com or contact us at info@preqin.com.REAL ESTATE ONLINEPreqin’s Real Estate Online is the leading source of intelligence on global institutions looking to invest in real estate.Access in-depth data on institutional investors including fund contact information for key decision makers, allocations, futureplans, past commitments and more. Fundraise faster and more effectively with Preqin.For more information, or to arrange a demo, please get in touch: : info@preqin.com : www.preqin.com/realestateAll rights reserved. The entire contents of Preqin Special Report: The Real Estate Top 100, September 2017 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in anyelectronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin Special Report: The Real Estate Top 100, September 2017 is for informationpurposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice ratherthan information then he should seek an independent financial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of Preqin Special Report:The Real Estate Top 100, September 2017. While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confirm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation orwarranty that the information or opinions contained in Preqin Special Report: The Real Estate Top 100, September 2017 are accurate, reliable, up-to-date or complete. Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd.does not accept any responsibility for any errors or omissions within Preqin Special Report: The Real Estate Top 100, September 2017 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication.2 Preqin Ltd. 2017 / www.preqin.com

PREQIN SPECIAL REPORT: THE REAL ESTATE TOP 100THE TOP 100 FUND MANAGERS 710bn26Aggregate capital raised* for private realestate funds by the top 100 fund managers inthe past 10 years. 161bnNumber of top 100 private real estate fundmanagers based in New York, followed by 13in London.Estimated dry powder available to the top100 private real estate fund managers.Top 100 Real Estate Fund Managers by Location:NORTH AMERICA68EUROPEASIA209AUSTRALASIASOUTH AMERICA21Fig. 1: Fundraising by the Top 100 Real Estate Fund Managers inthe Last 10 Years by LocationFig. 2: Fundraising by the Top 100 Real Estate Fund Managers inthe Last 10 Years by Ranking600100%53050090%47780%Proportion of Total400300200133891007147220North AmericaEuropeAsia10Rest of WorldFund Manager LocationNo. of Funds ClosedAggregate Capital Raised ( bn)Source: Preqin Real Estate 76-100405Top 2529710%0%No. of Funds ClosedAggregate Capital Raised ( bn)Source: Preqin Real Estate Online*Capital raised includes interim closes.3alternative assets. intelligent data.

PREQIN SPECIAL REPORT: THE REAL ESTATE TOP 100Top 100 Real Estate Fund Managers by Capital Raised in the Last 10 Years* (1-50)RankFirmHeadquartersAggregate Capital Raisedin Last 10 Years ( bn)Dry Powder ( bn)New York, US83.122.1Dallas, US56.611.61Blackstone Group2Lone Star Funds3Brookfield Property GroupToronto, Canada25.96.64Carlyle GroupWashington, US18.73.95Morgan Stanley Real Estate InvestingNew York, US17.62.76CBRE Global InvestorsLos Angeles, US16.61.97Goldman Sachs Merchant Banking DivisionNew York, US16.01.38Starwood Capital GroupGreenwich, US15.74.79AXA Investment Managers – Real AssetsParis, France15.43.21011PGIM Real EstateColony NorthStarMadison, USLos Angeles, US14.613.12.90.412Global Logistic PropertiesSingapore12.74.013Angelo, Gordon & CoNew York, US12.32.614LaSalle Investment ManagementChicago, US12.22.415Rockpoint Group16PIMCO17CapitaLand18Oaktree Capital Management19AEW Capital Management202122Partners Group23PATRIZIA Immobilien AG24Tishman Speyer252627CIM Group28KBS29JBG Companies30Walton Street Capital31Boston, US10.43.7Newport Beach, US10.22.4Singapore9.91.3Los Angeles, US9.23.4Boston, US8.71.7Westbrook PartnersNew York, US8.42.2BlackRockNew York, US8.32.0Baar-Zug, Switzerland8.12.1Augsburg, Germany8.00.3New York, US7.80.2Beacon Capital PartnersBoston, US7.71.6Ares Real Estate GroupNew York, US7.41.7Los Angeles, US7.30.8Newport Beach, US6.30.1Chevy Chase, US5.70.1Chicago, US5.61.4TH Real EstateLondon, UK5.50.832Tristan Capital PartnersLondon, UK5.41.533DRA AdvisorsNew York, US5.31.3 Kayne Anderson Capital AdvisorsLos Angeles, US5.32.5 Orion Capital ManagersLondon, UK5.31.336Aermont CapitalLondon, UK5.21.937Fortress Investment GroupNew York, US5.10.538ABNew York, US4.92.6 Northwood InvestorsNew York, US4.90.340H/2 Capital PartnersStamford, US4.71.541Crow Holdings Capital – Real EstateDallas, US4.60.9 Mapletree InvestmentsSingapore4.62.143Shorenstein PropertiesSan Francisco, US4.50.544Rialto Capital ManagementMiami, US4.40.945Cerberus Real Estate Capital ManagementNew York, US4.31.346Harrison Street Real Estate CapitalChicago, US4.21.147Exeter Property GroupConshohocken, US4.11.3 Gaw Capital PartnersHong Kong4.11.549Aberdeen Asset ManagementAberdeen, UK4.00.4 Charter Hall GroupSydney, Australia4.00.4*Excludes separate accounts.4 Preqin Ltd. 2017 / www.preqin.com

PREQIN SPECIAL REPORT: THE REAL ESTATE TOP 100Top 100 Real Estate Fund Managers by Capital Raised in the Last 10 Years* (51-100)RankFirm GreenOak Kildare PartnersHeadquartersAggregate Capital Raisedin Last 10 Years ( bn)Dry Powder ( bn)New York, US4.01.7London, UK4.01.5 KKRNew York, US4.02.354Apollo Global Real Estate ManagementNew York, US3.90.4 ARA Asset ManagementSingapore3.91.656Barings Real Estate AdvisersHartford, US3.80.8 Lubert-AdlerPhiladelphia, US3.80.5 TA Realty Torchlight Investors6061Boston, US3.80.6New York, US3.80.7PAG Real EstateBridge Investment GroupHong KongSalt Lake City, US3.73.60.20.9 Carmel PartnersSan Francisco, US3.61.3 DivcoWestSan Francisco, US3.61.064The Children's Investment Fund ManagementLondon, UK3.52.2 Invesco Real Estate PCCP Savills Investment Management68Niam69Atlanta, US3.50.9Los Angeles, US3.51.0London, UK3.50.1Stockholm, Sweden3.40.7Almanac Realty InvestorsNew York, US3.31.1 GTIS PartnersNew York, US3.30.2 Square Mile Capital ManagementNew York, US3.30.372Alpha Investment PartnersSingapore, Singapore3.20.4 Patron CapitalLondon, UK3.20.9 Prime Finance PartnersNew York, US3.20.9 Silverpeak Real Estate PartnersNew York, US3.21.876Hemisferio Sul Investimentos3.10.9 HinesSão Paulo, BrazilHouston, US3.11.1 Madison International RealtyNew York, US3.10.9 Oz Real Estate80Merlone Geier PartnersNew York, US3.11.6San Francisco, US3.081Europa Capital1.2London, UK2.9 0.6KingSett CapitalToronto, Canada2.90.783GoodmanSydney, Australia2.80.484CDP Investimenti Greystar Real Estate Partners ICG-Longbow Rome, Italy2.70.0Charleston, US2.70.5London, UK2.71.0Rockwood CapitalNew York, US2.71.688BNP Paribas Real Estate Investment ManagementParis, France2.60.1 HDFC Asset ManagementMumbai, India2.60.7 Related CompaniesNew York, US2.60.691Ascendas-SingbridgeSingapore2.50.2 Greenfield PartnersWestport, US2.50.2 HeitmanChicago, US2.51.0 InfraRed Capital PartnersLondon, UK2.50.4 Rockspring Property Investment ManagersLondon, UK2.50.3 Spear Street CapitalSan Francisco, US2.50.597Cheyne Capital ManagementLondon, UK2.40.8 Equity InternationalChicago, US2.40.799Harbert Management CorporationBirmingham, US2.30.4 LBA RealtyIrvine, US2.30.4Source: Preqin Real Estate Online*Excludes separate accounts.5alternative assets. intelligent data.

SOURCEnew investors for funds and separatealternative assets. intelligent data.accountsIDENTIFYnew investment opportunitiesCONDUCTcompetitor and market analysisCOMPAREfund performance against industrybenchmarksDEVELOPnew businessRegister for demo access to find out how Preqin’s Real Estate Online canhelp your business:www.preqin.com/realestatealternative assets. intelligent data.