Total global real estate assets under management (AUM) declined to €3.6 trillion in 2024, according to the Fund Manager Survey 2025, published today by ANREV, INREV, and NCREIF.
This represents a 2.7% decrease from the €3.7 trillion recorded at the year-end 2023, marking the third consecutive year of contraction from the €4.1 trillion peak in 2022.
This is the third consecutive year of contraction for the non-listed real estate sector, underscoring the ongoing impact of market volatility, sluggish economic conditions, and investor caution.
Despite the overall decline, the average AUM per fund manager rose to €31.9 billion across 114 surveyed managers—an increase of 17.8% from the €27.1 billion average reported the previous year. This shift signals a continued concentration of capital among the world’s largest real estate fund managers.
At the end of 2024, fund managers in the upper quartile accounted for more than 83% of global real estate AUM, jointly managing approximately €3.0 trillion. This reflects both consolidation trends and the resilience of the industry’s largest players.
Global Rankings: Blackstone Maintains Top Position
The top 10 global real estate fund managers managed a combined €1.9 trillion in 2024. Blackstone, Brookfield Asset Management, and Prologis retained their positions as the top three managers globally. MetLife Investment Management and PGIM Real Estate rounded out the top five, highlighting a slight reshuffle among the industry’s largest institutions.
Blackstone remains the only fund manager to be ranked in the top 10 across all three major regions—Asia Pacific, Europe, and North America—as well as in global strategy rankings, reinforcing its leading position in the sector.
Top 10 Real Estate Fund Managers by Total Real Estate AUM
Europe: Blackstone Tops Regional AUM Rankings
In Europe, Blackstone rose two positions from its 2023 ranking to become the region’s largest real estate manager. Swiss Life Asset Managers retained second place, while AXA Investment Managers advanced to third. The top three European fund managers collectively managed €272.6 billion, nearly equal to the €306.4 billion managed by the remaining seven firms in the European top 10.
Dry Powder and Consolidation Trends
Global dry powder—the capital available for deployment—stood at €195 billion at the end of 2024, representing 7.4% of total AUM. This figure is down from €223 billion (8.0%) in 2023. Notably, €167 billion of this capital was held by the top quartile fund managers, reflecting a continued concentration of investment firepower among the largest firms.
The consolidation trend in the sector remains strong, driven by ongoing merger and acquisition (M&A) activity. Looking ahead to 2025, 11% of surveyed fund managers anticipate mergers, while 7% plan to pursue acquisitions, suggesting further restructuring and strategic alignment within the industry.
While overall AUM figures continue to decline, the data reveals a deepening divide between the largest global fund managers and the broader market. The combination of subdued market conditions and consolidation is reshaping the competitive landscape, with major players poised to strengthen their dominance further in the coming year.
