I’ve periodically taken a look at the Private Equity Real Estate’s list of the top firms, based on fundraising. The 2026 edition was published today. I took a swing at the analysis again (with a little help).
The 2026 PERE manager rankings are based on the amount of private real estate direct investment capital raised by firms for funds closed between January 1, 2021, and December 31, 2025, as well as for funds that were in market at the end of the counting period.
As you can see from the table below, the vast majority of US-based real estate fund managers are registered with the Securities and Exchange Commission as an investment adviser.
PERE 100 – SEC Investment Adviser Registrations
US-headquartered firms from the 2026 PERE 100 ranking. Non-US firms excluded (registered in home jurisdiction).
RA = Registered Adviser · ERA = Exempt Reporting Adviser · N/A = No US primary registration found.
| Rank | PERE 100 Firm | SEC Registrant Name | Type | CRD # | Form ADV |
|---|
Disclosure: I used an Claude AI to verify the registration status and to conduct the research.
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