EUROPE 2013 - alphaipartners（欧洲2013 - alphaipartners）.pdf

PERE’s ranking of the 50 largest private equity real estate firms in the world Methodology The PERE 50 measures equity raised between 1 January 2008 and mid-April 2013 for direct real estate investment through closed-ended, commingled real estate funds and co-investment vehicles that sit alongside those funds. The vehicles must give the GP discretion over the capital, meaning club funds, separate accounts and joint ventures are excluded from the ranking. Also excluded are funds with strategies other than value-added and opportunistic, such as core and core-plus, as well as those not focused on direct real estate, like fund of funds and debt funds, and funds where the primary strategy is not real estate- focused, such as general private equity. A post-crisis shake-up The elimination of funds closed in 2007 from this year’s ranking has caused the biggest reshuffling of top firms in recent memory Changes abound in this year’s ranking of the largest private equity real estate in the world in terms of fundraising activity. First and most obvious is that the ranking has expanded from 30 firms to 50 this year. This is partly the result of the increased capabilities of PERE’s Research Analytics team, which did much of the grunt work for this year’s ranking, as well as the desire to offer our readers a wider, more compre- hensive look at fundraising activity across the market. Secondly, the PERE 50 has experienced the biggest reshuffling of firms at the top of the ranking in recent memory. Much of this is due to the elimination of large funds that closed in 2007 and now fall outside the ranking’s five-yea