The main finding in the global Fund Manager Survey 2017 from ANREV, INREV and NCREIF is that the total value of real estate AUM in 2016 rose to €2.4 trillion, up 20.1 percent on the previous year, due primarily to an increase in the sample size. The survey of 177 fund managers also found significant growth in the average AUM of the Top 50 global real estate fund managers, with a 14.9 percent increase from €35.6 billion in 2015 to €40.8 billion last year. The Top 10 global fund managers accounted for 38.8 percent of the overall total. The average total AUM of the Top 3 fund managers was €133 billion, against €127.8 billion in 2015. However, the average AUM of all respondents was up from €13.1 billion to €13.7 billion, indicating an increase in funds under management for all managers regardless of size. Non-listed real estate vehicles — including funds, separate accounts, joint ventures and club deals — accounted for €1.9 trillion (80.4 percent