The 10 largest managers represent 40.1% of the overall asset under management

• Total real estate AUM grew by 12.0%, from US$2.8 trillion in 2017 to US$3.2 trillion in 2018
• For the first time in the survey’s history the largest manager breached the US$200 billion mark
• The top five managers represent more than a quarter of total real estate AUM

As of 31 December 2018, the total real estate assets under management (AUM) was US$3.2 trillion compared to US$2.8 trillion at the end of 2017. Non-listed real estate represents a significant portion of total real estate assets under management. Of the US$$3.2 trillion total AUM, non-listed accounts for 84.0% or US$2.7 trillion.

The Blackstone Group tops the list with US$230.6 billion of gross asset value (GAV) of non-listed real estate assets under management. Following closely, Brookfield Asset Management ranks second with US$187.3 billion of total real estate AUM. PGIM occupies the third position with US$168.9 billion of global real estate AUM.