Fundraising by New York-Based Private Equity Real Estate Managers

by Andrew Herman

  • 22 Oct 2010
  • RE

New York is the most populated city in the world for private equity real estate firms. 139 out of 599 US-based private equity real estate firms are based in New York. New York-based fund managers have raised $205.6 billion for private equity real estate investment in the past 10 years. The most successful year for New York-based managers in terms of fundraising was 2008, when 46 funds closed, receiving $43.5 billion in equity commitments. In 2007, 40 funds raised $39.8 billion. Fundraising declined in 2009, when 22 funds reached a final close, raising an aggregate $15.9 billion.

Notable firms headquartered in New York include Blackstone Group, which has raised the most capital worldwide for private equity real estate funds. The firm has garnered aggregate commitments of over $26 billion. Its real estate holdings are broadly diversified, encompassing office, hotel, healthcare, retail and multi-family properties around the world. In 2008, Blackstone held a final close for its $10.9 billion Blackstone Real Estate Partners VI, the largest private equity real estate fund of all time. Morgan Stanley Real Estate has raised nearly $23 billion in the last 10 years, including the $8 billion Morgan Stanley Real Estate Fund VI International. Other significant New York-based firms include, Fortress Investment Group and Goldman Sachs Merchant Banking Division, which have both raised approximately $22 billion for the industry in the past decade.

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