Total global real estate assets under management rose from $2.5 trillion at the end of 2016 to $2.8 trillion by the end of 2017, with fund managers of all sizes increasing the value of their assets, according to the ANREV/INREV/NCREIF Fund Manager Survey 2018 conducted by the Asian Association for Investors in Non-listed Real Estate Vehicles, European Association for Investors in Non-listed Real Estate Vehicles and National Council of Real Estate Investment Fiduciaries. The average AUM among all managers increased by 22.2 percent in 2017, from $14.4 billion to $17.6 billion. The top five managers posted real estate assets under management of more than $100 billion each.

Blackstone topped the overall rankings with $193.8 billion in real estate–related AUM, followed by Brookfield Asset Management in second place with $155.5 billion and PGIM Real Estate in third position with $127.9 billion. By regional strategy, 16.9 percent of total global real estate assets were in