The 10 largest private real estate firms, based on capital raised for closed-end funds in the past 10 years, have a combined $37 bn (EUR 25 bn) in uncalled capital, new research by Preqin indicates. About $20 bn is earmarked for investment in North America,

There is a further $121 bn in dry powder available to the rest of the real estate industry, according to Preqin, an organisation that provides financial data on the alternative assets industry.

The top 10 firms have raised a combined $163.3 bn, 25.7% of the total $ 636.5 bn raised by all private real estate firms in the last 10 years. Preqin said that the top 10 firms manage a significant proportion of real estate capital and will be hugely influential on the market as a whole.

The report found that 76% of investors in funds managed by the top 10 are North America-based. 13% are based in continental Europe, 6% in Asia-Pacific and 4% in the UK.

About 25% of private real estate investors have invested in at least one fund managed by a top 10 firm. US public pension funds are amongst the most prolific investors in funds managed by the top 10 firms; 41% of all such US investors in private real estate have invested with at least one of the top 10 firms.

Preqin said that six of the top 10 managers were fundraising when surveyed last month. A dozen vehicles are seeking a combined $28.3 bn, and of these funds, four have held an interim close.

The proportion of capital raised accounted for by firms in the top 10 has fluctuated from 63% in 2001 to 43% in 2008 and 17% in 2009. The top 10 have contributed 15% of capital raised 2011-to-date.

According to the Preqin study, the 10 largest firms by funds raised over last 10 years are

Blackstone Group $30.1 bn
Morgan Stanley RE $23 bn
Fortress Investment Group $21 bn
Goldman Sachs MB $18 bn
Lone Star Funds $19.2 bn
Carlyle Group $10.8 bn
Brookfield AM $10.6 bn
Colony Capital $10.6 bn
LaSalle IM $10.6 bn
Beacon Capital Partners $10.2 bn