News / Insights

The 2025 Fund Manager Survey, published by INREV in collaboration with ANREV and NCREIF, analyzes the key trends in the global market for real estate assets under management (AUM) held by unlisted companies.

Global AUM fell to €3.6 trillion at the end of 2024, marking a 2.7% decline from €3.7 trillion in 2023 and continuing, for the third consecutive year, the downward trend that began after the peak of €4.1 trillion in 2022. This trend reflects persistent market uncertainty, below-average economic growth, and a more cautious attitude on the part of investors.

Capital concentration is also intensifying: 25% of managers (those in the top quartile) hold over 83% of global AUM, amounting to approximately 3.0 trillion euros, while the top 10 managers alone control 1.9 trillion euros (more than 52% of the total).

“Dry powder”—that is, capital available but not yet invested—has fallen from 223 to 195 billion euros (from 8.0% to 7.4% of AUM), signaling the start of a phase of capital deployment.

Finally, market concentration is further consolidating across all regions, with mergers and acquisitions contributing to the average increase in AUM per manager (€31.9 billion in 2024), and with 11% of fund managers anticipating merger transactions and 7% planning acquisitions for 2025.

In Europe, Blackstone has climbed two spots to become the largest manager by AUM, followed by Swiss Life Asset Managers and AXA IM, the latter having risen to third place. The total assets under management by the top three European players amount to €272.6 billion, a figure nearly equivalent to that of the remaining seven in the top 10 (€306.4 billion). Furthermore, the Old Continent continues to see a strong concentration of capital in a few players compared to other macro-regions.

Download the report here