Global Management Survey
Proprietary research benchmarking the organizational, financial and governance metrics of real estate investment management firms.
The Survey has more than a decade of data collection and covers more than 65 individual data points, including, but not limited to:
Profitability:
YOY financial performance, EBITDA (pre-and post-bonus) margins, bonus pools, revenue and expense breakdowns, treatment of fund-level expenses.
Revenue:
Capital raising and net and gross AUM growth year-over-year, new commitment trends, investor composition by investor type, dry powder and leverage use, acquisition & disposition volumes and revenues, development pipeline.
2025 GLOBAL MANAGEMENT SURVEY
The 2025 Survey was completed by 83 companies between March and April 2025 – and reports on operational activity during 2024.
Just over 95% of firms have offices in the US, while 38% of firms are global and 28% have offices in Continental Europe and 27% have offices in Asia. The median firm had gross AUM of $8 billion, and managed 11 active funds. Close to four out of 10 managers were diversified, while one quarter were core managers and one third high yield managers.
So, what were the key trends in 2025?
#1. MODERATED HEADCOUNT GROWTH
Survey respondants have cautious yet resilient mindset of firms navigating capital constraints and operational challenges. Larger firms ($15B+ AUM) outperformed smaller peers in a tough capital raising environment, while headcount growth slowed to just 1% in 2024. Despite this, workforce turnover and layoffs remained stable.
#2. laying the groundwork for innovation
Technology investment was a bright spot, with over 40% growth in IT staffing and a shift toward in-house capabilities in data, AI, and business intelligence. Firms are targeting automation in financial reporting, investor communications, and performance tracking to drive efficiency and elevate employee focus.
#3. CAPITAL RAISING Benefit
FROM SCALE
Fundraising strategies also evolved, with revamped team structures and incentives. Net AUM grew 4% in 2024, especially among scaled platforms. Looking ahead, firms anticipate rising transaction volumes, renewed hiring, and stronger performance through tech-driven operational leverage.
#4. ahead – indicators for optimism
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Transaction activity is set to grow across firms of all sizes.
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63% of firms plan to increase headcount, with 20% expecting growth of 11% or more—driving up expenses.
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Investments in tech talent are expected to begin boosting performance.
2025 update:
NAREIM members participating in the Global Management Survey can access the full report through the Ferguson Partners member portal. NAREIM members can access a detailed executive summary through the link above.
Note, access is restricted to designated personnel of NAREIM member firms only and Executive Officers. For questions, email Reesa Fischer rfischer@nareim.org
Expenses & Org Metrics:
Headcount growth, employees per $1bn AUM and $10m of revenue by firm and strategy, employee breakdowns per function, per function and seniority. Workload metrics covering asset management (equity and debt); acquisition volume per officer (actual and forecasts). Outsourcing trends, span of controls, turnover and layoff rates, valuation policies.
Alternate years: Fund/Account T&Cs:
Target returns, asset management fees, acquisition & disposition fees, fee prevalence, promote/carried interest trends, promote catch-ups, GP co-investments, fund employees.
Alternate years: Governance:
Composition of executive committees, board of directors, management committees and investment committees; IC deal flow, voting and decision trends; SEC registration and audit frequency.