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AUM race: ESR Group, GLP Capital Partners, and CapitaLand Investment top APAC AUM

The Edge Singapore
The Edge Singapore  • 2 min read
AUM race: ESR Group, GLP Capital Partners, and CapitaLand Investment top APAC AUM
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According to the ANREV/ INREV/ NCREIF Fund Manager Survey 2024 released on May 29, in Asia Pacific, ESR Group, GLP Capital Partners, and CapitaLand Investment topped the list of managers in terms of assets under management (AUM). Charter Hall and Dexus complete the top five in fourth and fifth place, respectively. Dexus and the GPT Group were the new entries to the top 10 managers in Asia Pacific in 2023.

Globally, Blackstone, Brookfield Asset Management, and Prologis retained their first, second, and third positions, respectively. MetLife Investment Management and UBS Asset Management followed in fourth and fifth place. UBS Asset Management, bolstered by its merger with Credit Suisse, returned to the top 10 as the only new entrant in 2023. ESR was the sole Asia Pacific fund manager in the top 10.

Real estate AUM reached a minimum of US$4.1 trillion at the end of 2023, down 2.5% y-o-y, marking a second consecutive year of contraction from the historic peak of US$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.

The total AUM for the top 10 fund managers globally reached US$2.1 trillion at the end of 2023. Average AUM per fund manager overtook the US$200 billion mark at US$209.3 billion, up from US$195.3 billion in 2022.

See also: Mandarin Oriental to sell interests in two retail units in Paris for EUR148 mil

Non-listed real estate remains a significant portion of global AUM, representing 82% of the total US$4.1 trillion. Non-listed real estate funds constitute 60% (US$2 trillion) of this, followed by direct investments through separate accounts, debt funds, and joint ventures or club deals. Debt vehicles now account for 13% of non-listed real estate allocations, reflecting their strong momentum amid rising global interest rates. Debt AUM increased across all regions, totalling nearly US$450 billion, a 14% rise from US$394 billion in 2022

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