Top 25 Largest Real Estate Hedge Funds – 2023
The 25 largest real estate hedge funds manage $450 billion in assets as of early 2023. Assets managed by the top 25 funds are up more than 50% since 2021. 76% of the top real estate hedge funds are based in the United States. while 32% of the largest real estate funds are based in New York.
With $81 billion in AUM, Cerberus Capital Management is the largest real estate hedge fund manager in 2023. Angelo Gordon and GoldenTree Asset Management rank two and three, respectively, among the biggest real estate hedge funds.
Real estate funds invest in residential and commercial real estate and land in a number of ways, but the most common is through real estate securities such as REITs. They also purchase properties and developments directly.
The below list of top real estate hedge funds includes hedge fund companies operating at least one hedge fund vehicle investing in real estate.
Top 25 Largest Real Estate Hedge Funds – 2023
Ranked by assets under management (AUM). Click any column to sort. Fund names link to detailed profiles.
| Rank | Fund Name | City | Country | AUM | Strategy |
|---|---|---|---|---|---|
| 1.0 | Cerberus Capital Management | New York | United States | 80,580.5 | Credit, Real Estate, Private Equity |
| 2.0 | Angelo Gordon & Co. | New York | United States | 74,642.3 | Real Estate, Fixed Income, Managed Futures |
| 3.0 | GoldenTree Asset Management | New York | United States | 51,980.4 | Credit, Absolute Returns, Real Estate |
| 4.0 | Farallon Capital Management | San Francisco | United States | 42,196.4 | Multi Strategy, Arbitrage, Real Estate |
| 5.0 | Oaktree Capital Management | Los Angeles | United States | 38,350.0 | Fixed Income, Real Estate, Distressed Assets |
| 6.0 | Cheyne Capital | London | United Kingdom | 27,888.9 | Real Estate, Fixed Income, Long/Short |
| 7.0 | LaSalle Investment Management | Chicago | United States | 21,439.6 | Real Estate |
| 8.0 | CarVal Investors | Minneapolis | United States | 18,305.1 | Fixed Income, Real Estate |
| 9.0 | Rockpoint Group | Boston | United States | 15,121.7 | Real Estate |
| 10.0 | Lazard Alternatives | New York | United States | 14,120.0 | Multi Strategy, Real Estate, Long/Short |
| 11.0 | Rockwood Capital | San Francisco | United States | 8,132.2 | Real Estate |
| 12.0 | La Française Global Investment Solutions | Paris | France | 7,620.0 | Credit, Event Driven, Real Estate |
| 13.0 | Avenue Capital Group | New York | United States | 7,215.4 | Real Estate, Fixed Income, Managed Futures |
| 14.0 | Gordian Capital | Singapore | Singapore | 6,693.2 | Fund of Funds, Long/Short, Real Estate |
| 15.0 | Sagard Holdings Manager LP | Toronto | Canada | 6,536.3 | Multi-Strategy, Credit, Real Estate |
| 16.0 | Contrarian Capital Management | Greenwich | United States | 4,979.6 | Multi Strategy, Distressed Assets, Real Estate |
| 17.0 | Guggenheim Capital Markets | New York | United States | 4,640.9 | Multi Strategy, Fixed Income, Real Estate |
| 18.0 | Stockbridge | San Francisco | United States | 3,810.5 | Real Estate |
| 19.0 | Avanath Capital Management, LLC | Irvine | United States | 2,924.6 | Real Estate |
| 20.0 | Hazelview Securities Inc. | Toronto | Canada | 2,658.1 | Real Estate |
| 21.0 | Emmes Asset Management | New York | United States | 2,616.6 | Real Estate |
| 22.0 | Toscafund Asset Management | London | United Kingdom | 2,343.5 | Long/Short, Event Driven, Real Estate |
| 23.0 | Dune Real Estate Partners | New York | United States | 2,262.5 | Real Estate |
| 24.0 | Blue Vista Capital Partners | Chicago | United States | 1,697.0 | Real Estate |
| 25.0 | Equity Resource Investments | Cambridge | United States | 1,410.2 | Real Estate |
Key Statistics
- The 25 largest real estate hedge funds manage $450 billion in assets as of early 2023. Assets managed by the top 25 funds are up more than 50% since 2021. 76% of the top real estate hedge funds are based in the United States. while 32% of the largest real estate funds are based in New York.
- With $81 billion in AUM, Cerberus Capital Management is the largest real estate hedge fund manager in 2023. Angelo Gordon and GoldenTree Asset Management rank two and three, respectively, among the biggest real estate hedge funds.
- Just 3 of the top 25 real estate hedge funds for 2023 are based in Europe (12%)
- 8 of the 25 largest real estate funds for 2023 are based in New York (42%)
- The average AUM of the top 25 real estate funds for 2023 is $18 billion USD
- The median AUM of the top 25 real estate hedge funds for 2023 is $7.2 billion USD
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