The top 100 private real estate funds secured almost two-thirds of all capital raised for real estate in the past decade, according to Preqin.
With the number of vehicles reaching a final close falling for three consecutive years, capital has concentrated toward the biggest global fund managers.
In the last decade, the top 100 private real estate funds raised $710bn (£523bn) between them, or 62% of total capital raised by private funds for the asset class.
In total, 562 private real estate funds are currently seeking capital.
Meanwhile, the top 20 private real estate funds closed in the past five years were raised by five firms, securing a total of $150bn.
More than two-thirds of the biggest fund managers are based in North America, with 26 located in New York. London is the second most popular base, with 13 fund managers headquartered in the UK capital.
However, the UK’s largest fund managers have lagged behind their North American counterparts.
TH Real Estate, the UK’s biggest real estate fund manager, has raised $5.5bn of capital in the past decade – 15 times less than Blackstone, which has raised $83.1bn in the same period.
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