The real estate assets under management (AUM) reached a minimum of $4.1 trillion at the end of 2023, according to The ANREV/ INREV/ NCREIF Fund Manager Survey 2024.
This reflects a 2.5 percent decline from the $4.2 trillion reported at the end of 2022, marking a second consecutive year of contraction from the historic peak of $4.7 trillion in 2021. The survey, based on contributions from 96 investment managers, attributes this decrease to a smaller sample of responding managers, falling asset values, and reduced capital-raising activity during 2023.
Despite the overall decline, the top 10 managers saw their total AUM exceed $2 trillion, with an average of $209.3 billion per manager, an 8 percent increase from 2022. These top 10 managers now represent 51 percent of the total AUM, up from 47 percent in 2022, indicating an increasing concentration of AUM among the largest managers.
The rankings saw some reshuffling, especially among the largest five manage
