Real Estate Private Equity Firms Ranked by SEC Form D, 2025-2026: $573.88 Billion Reported Sold Across 1,557 Funds, and What That Number Is Not

What a Form D can and cannot tell you about a real estate sponsor

Every private real estate fund that sells under Regulation D must file a Form D with the SEC “no later than 15 calendar days after the first sale of securities in the offering.” It is a notice, not a prospectus: no one at the SEC reviews the fund, and the form has a handful of numeric fields. The ones that matter for a sponsor ranking:

Source: SEC Form D data sets and the individual Form D filings cited; 17 CFR 230.503 and 230.506.

Three rules shape what you read. First, the notice is updated only once a year: Rule 503 requires an amendment “Annually, on or before the first anniversary of the filing of the notice of sales on Form D,” and it does not require an amendment for a change in “The amount of securities sold in the offering or the amount remaining to be sold.” A figure can therefore be up to a year or more stale, which is why every number on this page carries its filing date. Second, the exemption decides who can buy: under Rule 506(b) the issuer sells to accredited investors plus no more than “35 purchasers of securities from the issuer in offerings under this section in any 90-calendar-day period,” and cannot advertise; under Rule 506(c) it may advertise but “shall take reasonable steps to verify that purchasers of securities sold in any offering under paragraph (c) of this section are accredited investors.” Third, and most important for a ranking, “amount sold” means whatever the filer decided it means, as the footnotes show:

Source: Item 13 clarifications of the Form D filings listed in the dataset (accession numbers 0001623650-25-000002, 0001688576-26-000007, 0002001738-25-000002, 0000905148-25-002830, 0001833410-25-000001, 0001535350-26-000003, 0001494327-26-000003 and 0000945621-26-000461).

None of this makes the filings useless. It means a Form D is best read as a floor and a footprint: the sponsor told the SEC it had sold at least that much, on that date, to that many investors, under that exemption.

How we ranked: 1,621 vehicles, 1,557 offerings, 1,097 sponsor names

Population. We read the six SEC quarterly Form D data sets covering filings from January 2025 to June 2026 (the 2026 third-quarter file is not yet published). We kept filings of pooled investment funds whose names or managers are real estate (our name rules and a list of real-estate-only managers are in the script), plus real estate funds classified in the SEC's real estate industry groups with the pooled-fund box checked. For each SEC file number, which identifies one offering, we use the latest filing. We then removed REIT-type issuers (350; our private REIT page covers them), Delaware statutory trusts and opportunity zone vehicles (see our DST fee analysis and opportunity zone funds page), timber, farmland, infrastructure, tax-credit housing, mortgage-securities funds and the 8 offerings that state their amounts in euros, pounds or Australian dollars. Single-asset LLC and LP deals are on our real estate syndication page.

Sponsors. We matched 75 firms by hand from the fund name (for example Blackstone, Starwood, KKR, Carlyle, Brookfield, Ares, Clarion, Heitman, Hines, Cerberus, Oaktree, Greystar) and, where the name does not carry the firm, from the manager the form itself names: the Trumbull funds are Trumbull because the filings list a “MANAGING DIRECTOR OF UBS REALTY INVESTORS LLC, INVESTMENT ADVISER AND ATTORNEY-IN-FACT FOR THE ISSUER.” Everything else is grouped by the fund-name stem, so small sponsors can appear under more than one name.

Parallel vehicles. Large funds file one Form D per feeder, blocker and parallel fund. Where several vehicles of one sponsor report the identical offering amount and identical amount sold, we count that once (Hines U.S. Property Partners: three vehicles, one $1.74 billion; Carlyle Realty Partners X: four vehicles, one $7.0 billion). Starwood's Fund XIII is one family by name: 15 vehicles filed on April 4, 2025 report the same $5.07 billion, one vehicle (SOF-XIII EQFPF) reports $5.93 billion on August 1, 2025 and one (SOF-XIII Feeder KA) reports $6.59 billion on October 21, 2025; we use the latest, $6.59 billion. Where vehicles report different amounts, as Harrison Street's do, we add them, so sponsor totals can still double count a master and its feeder. Treat each total as an upper bound, and compare it with the largest single offering shown beside it.

The ranking: top 20 sponsors by amount reported sold

Source: latest Form D or D/A of each offering filed January 2025 to June 2026 (accession numbers in the dataset). Totals, ranks and sums are our arithmetic. Amounts are cumulative since each offering began; “earliest first-sale year” is the earliest date of first sale on any of the sponsor's forms, which the filer types and which can reflect a re-registered offering rather than the fund's real launch. AG groups funds named AG or TPG AG; ARA groups ARA Core Property Fund and American Strategic Value Realty Fund, whose forms list some of the same officers (our judgment).

Read the list as how much each sponsor has told the SEC it sold into its currently reporting funds, oldest vehicles included. The two largest numbers belong to open-end core funds that have been selling for years: the largest single offering in the table is Trumbull Property Fund ($26.14 billion, first sale on the form dated 2008-02-29), followed by Clarion Lion Properties Fund ($22.11 billion, 2000-11-03). Those figures count every dollar ever sold, including money since redeemed, so a core fund's “sold” says more about its age than about what it manages today. For the same reason Blackstone ranks third with $27.85 billion but a fund like Blackstone Property Partners shows only $8.89 billion as its largest offering: the sponsor total is many funds added together, not one fund's size. For open-end ODCE-style core funds as investments, see our ODCE index fund analysis.

The named firms: Blackstone, Starwood, Brookfield, KKR, Carlyle, Ares and the rest

Source: latest Form D or D/A of each offering filed January 2025 to June 2026 (accession numbers in the dataset). Ranks and sums are our arithmetic. A sponsor appears only for the funds that filed a Form D in the window and that our rules classify as pooled real estate funds.

What stands out when you read these filings one by one:

• Blackstone: no flagship fund by name. Its 16 offerings ($27.85 billion) are mostly the Blackstone Property Partners funds for the US, Europe and Asia (the US fund alone reports $8.89 billion from 97 investors), plus a real estate credit fund that began selling on May 1, 2025. We found no issuer named “Blackstone Real Estate Partners” in the 2025-26 data sets, so the opportunistic flagship is not in this ranking by name.
• Starwood: one fund, 17 filings. Starwood Distressed Opportunity Fund XIII and its feeders report between $5.07 billion and $6.59 billion depending on the vehicle and the filing date, so the footnote problem above is visible inside one sponsor.
• Carlyle and Clarion are the Form D heavyweights among the household names. Carlyle's total is led by Carlyle Realty Partners X and its three feeders ($7.0 billion once) and Carlyle Property Investors ($7.78 billion). Clarion's is dominated by Lion Properties Fund ($22.11 billion).
• Who is raising now. Of the sponsor totals above, $1.64 billion of Brookfield's $7.43 billion, $1.55 billion of Cerberus's $6.75 billion, $1.94 billion of Greystar's $8.09 billion, $1.01 billion of KKR's $4.77 billion and all of Lone Star's $1.43 billion come from funds that report a first sale since January 1, 2025. Blackstone's share is $942.8M of $27.85 billion, and Carlyle, Ares, Heitman and Starwood report no fund first sold in the window.
• Bridge Investment Group shows how “offered” differs from “sold.” Bridge Workforce and Affordable Housing Fund III states an offering of $2.5 billion and reports $209.5 million plus $62.6 million sold on its two selling vehicles; Bridge Logistics Value Fund II states $1.0 billion and reports $211.4 million; Bridge Multifamily Living Fund VI states $1.75 billion and reports that its first sale has yet to occur. Bridge ranks 108 of 1,097 here partly because its newer funds had sold little by their filing dates.
• Hines is understated in dollars. Two Hines vehicles report euros, not dollars, so they are outside this sum (see the footnote table above); the rest report $4.12 billion from 7 offerings.
• Related and Oaktree. Related's two vehicles report $1.27 billion (Related Real Estate Fund IV and its Jersey feeder). Oaktree's 15 offerings are its real estate opportunity, income and debt funds and their feeders, $4.57 billion in total.

Who actually raised money in 2025-26: funds that began selling in the window

Cumulative totals reward age. A cleaner reading of recent fundraising is the set of offerings whose date of first sale is on or after January 1, 2025: 807 offerings, $51.31 billion sold as of their latest filing.

Source: latest Form D of each offering with a date of first sale on or after January 1, 2025; sums are our arithmetic.

Source: Form D or D/A filed January 2025 to June 2026 (accession numbers shown). Amounts are cumulative as of the filing and can include sponsor commitments.

Two cautions. The date of first sale is typed by the filer, so a fund that re-registered an old strategy under a new file number can look new. And most of these funds have 2 to 124 investors: a $3.24 billion data center fund with 124 investors, or a $2.88 billion Morgan Stanley fund reporting 38, is institutional capital, not something a retail investor will be offered directly.

Minimums and who can buy

Of the 1,557 offerings, 742 state a minimum investment above zero, with a median of $100,000; 423 ask $100,000 or more and 166 ask $1 million or more. The rest leave the field at zero, which on a Form D means “see the offering documents,” not “no minimum.” Exemption: 1,261 (81.0%) rely on Rule 506(b) and 293 (18.8%) on Rule 506(c). In the first, up to 35 non-accredited buyers can take part in any 90-day period; in the second, every buyer must be a verified accredited investor. The median offering reports 19 investors, and the median is a better guide than the total of 90,477, because a few funds sold to wealth clients report thousands of investors while most report a few dozen at most.

If the point of reading this is to find something you can actually invest in, the Form D is the wrong end of the market. The institutional funds above are reached through pension plans, consultants, private banks and feeders with their own minimums. What a six-figure investor is usually offered is a feeder fund, a non-traded or private REIT, an interval fund or a fund of funds; our private REIT analysis, private equity access guide and interval fund list cover those.

What the ranking does not say

A Form D has no field for performance. It reports no net asset value, no internal rate of return, no multiple, no fee schedule beyond sales commissions and no redemption terms. A sponsor that ranks first on amount sold can have the worst returns in its peer group; a sponsor that ranks 100th can be the best. The only judgments the data supports are about footprint and recency: who has told the SEC it sold how much, to how many investors, since when. For returns you need the fund's own reports to investors, a placement agent's performance summary or, for the funds that file with the SEC as registered products, their shareholder reports.

Verdict: how to use a Form D ranking

Use it to answer three narrow questions. Is this sponsor actually raising money in real estate right now? Look for a first sale since January 2025 and a recent filing date. How big and how broad is its investor base? Look at the largest single offering, the investor count and whether the minimum is institutional. Does the story match the filing? If a sponsor tells you it has raised more than its Form D shows, ask which vehicles, whether commitments are counted, whether the figure includes the sponsor's own money and whether it is in dollars. Do not use it to choose between sponsors on quality.

What a reader can do with this

• Find the Form D. Search the fund's exact legal name in EDGAR company search and open the latest Form D or D/A. Check the date of first sale, the exemption, the minimum, the amount sold, the investor count and the Item 13 footnote.
• Ask for what the form leaves out. Request the audited financial statements, the current net asset value, the fee and carry schedule, the redemption or distribution history and a list of the vehicles that make up any total you are quoted.
• Check the denominator. A sponsor's “raised” number and its Form D can differ because of commitments, sponsor capital, parallel vehicles or currency. Our 8 excluded offerings and the footnote table above show how each can distort a total.
• Compare like with like. For private REITs see our private REIT page; for single-deal syndications see our syndication page; for the cost of advice on these choices see our financial advisor cost guide.

FAQ

Sources: U.S. SEC Form D data sets, quarterly files 2025q1 to 2026q2 (FORMDSUBMISSION, ISSUERS, OFFERING, RELATEDPERSONS and SIGNATURES tables); the individual Form D and Form D/A filings cited, as published on EDGAR in XML (saved copies of 324 filings); 17 CFR 230.503 and 230.506 as published by the eCFR; retrieved October 7, 2026. Population rules, sponsor matching, parallel-vehicle handling, sums, medians and percentages are our arithmetic (script and rules in the dataset notes). This is analysis of public documents, not investment, legal or tax advice.