Real estate: Emerging managers to watch in 2026

Private real estate fundraising in 2025 increased year-over-year for the first time since 2021, even though the market continued to face macroeconomic pressure, high interest rates and geopolitical uncertainty.

This suggests the market is recovering, but only gradually.

Many large pension funds still have less invested in real estate than their target allocations, which should support future fundraising. In 2025, nearly 90% of capital went into opportunistic, value-add, and debt strategies, and these approaches are expected to remain popular in 2026.

Of the 411 new fund launches reported by us in 2025, 156 were new firms and debut funds.

Fundraising dynamics reflect a widening divide between mega-managers and emerging managers. The top 10 funds captured 40% of total capital raised in 2025, underscoring continued industry consolidation.

Despite this, pedigreed pros continue to see opportunity in the market for new propositions. We have tracked several who have left established firms to start new businesses.

These are the top real estate asset manager launches to watch in 2026:

Allegro Real Estate | Ian Fairweather, Joseph Russell | London

Ex-CBRE Investment Management directors Ian Fairweather and Joseph Russell have launched Allegro Real Estate.

The firm is initially going deal-by-deal, targeting investment opportunities in out-of-town UK retail, and closed its first deal in November with the acquisition of Hampden Retail Park in Eastbourne with capital partner Pears Property.

It focuses on lot sizes in the £5 million ($6 million) – £25 million range and seeks core-plus returns with a stretch to value-add on the upside, looking at early double-digit IRR returns.

“The reason we’re looking at out-of-town retail and food stores is because this is a moment in time where we think it’s going to be one of the top performing sectors for the next few years,” Fairweather told us.

“That’s why we’re focusing on that sector now. And hardly any have been built in the last 10 years, rents have come down a long way, so that’s why we’re looking at that.”

The firm also advises high-net-worth individuals, family offices, family-run business on how to maximize their real estate.

Arselle Investments | Kev Zoryan, Aaron Greeno | Los Angeles

Kev Zoryan and Aaron Greeno, both former managing directors at Morgan Stanley Real Estate Investing (MSREI), founded Arselle Investments last April.

The firm’s strategy will focus on generating proprietary deal flow through investments in select, vertically integrated real estate operating platforms.

In January, Arselle teamed up with California-based firm Amoroso Companies to form Amonte Living, a platform aiming to acquire $500 million of multifamily assets throughout the Western US over the next two-to-three years.

In addition to residential assets, Arselle has investment partnerships planned this year in platforms focused on shallow-bay industrial, grocery-anchored retail and self-storage.

Following his 13-year tenure as the co-head of US investments at MSREI, Greeno worked as a partner and head of West Coast investments at $2.1 billion Dune Real Estate Partners (DREP).

Arselle also hired a former vice president from New York-based Dune as a principal upon the firm’s launch.

Collectively, Greeno and Zoryan have investment experience totaling $15 billion in transactions equating to 52 million sq. ft. of US real estate.

Dominium Real Estate | Tom Newman | London

Former Schroders Capital fund manager Tom Newman set up Dominium Real Estate at the end of 2025 to target the UK’s regional office sector.

Dominium is understood to be initially building a pipeline of potential deals for prospective investors. Proximity to transport hubs will be a key factor for screening deals.

Returns being sought by the firm are likely to sit in the core-plus region, but it will consider value-add plays if there is a match with investors.

“We are now at a place where quite a few of the institutions are looking to unload offices with the bid-ask spread having reduced a certain level, because valuations have just had to move out, which is now offering potential for more sales,” managing director Newman told us.

“At the moment, we’re seeing a lot of private capital looking to acquire opportunistic deals and portfolios in the UK because of the rebasing of pricing in the office sector, particularly in the regions.”

Donohue Douglas Investment Group | R. Donohue Peebles Jr., Douglas McNeely | New York

Former Carlyle partner Douglas McNeely and real estate developer R. Donohue Peebles Jr. launched a new real estate firm focused on the conversion of office-to-multifamily assets in New York City.

Upon its launch, Donohue Douglas Investment Group immediately began capital raising for Donohue Douglas Office Conversion Fund (OCF), which has a $1.5 billion target raise.

OCF employs an opportunistic strategy for the conversion of vacant office assets into for-sale condominiums, workforce, affordable and luxury assets located throughout US markets displaying a dearth of affordable housing, including Atlanta and New York.

“We’re looking at these markets opportunistically and we also think there’s a generational opportunity when you look at the amount of square footage of corporate office space that is available,” McNeely told us in April.

As of late October, OCF was nearing $1 billion in capital commitments from an allocator base comprised of high-net-worth individuals (HNWIs), state pension plans, family offices, university endowments and offshore investors.

In addition to raising capital for its inaugural fund, Donohue Douglas is also in the midst of prepping an “emerging manager” fund focused on minority-led real estate firms.

Dry Capital | Sheelam Chadha | Brussels Brussels-based

Dry Capital was founded last year by Sheelam Chadha, Patrizia’s former head of transactions for Benelux.

The firm is eyeing its debut real estate strategy, understood to be looking to raise around €100 million with a sector agnostic approach, targeting investments in key urban areas in western Europe, particularly Madrid and Berlin, but also considering Poland.

The firm has recently gone into partnership with Madrid-based María Laguna, the former head of southern Europe at DeA Capital Real Estate, who is the founder of Lake Capital, to expand coverage into the region. The firm is understood to be exploring a similar partnership in the US to get closer to North American investors.

Everview Partners | William Rahm | New York

William Rahm, the former head of real estate at Centerbridge Partners, established real estate private equity firm Everview Partners one year ago.

Everview, which is set to invest throughout the capital stack in US real estate, specifically targets real asset companies and property capital structures across a diversified range of sectors.

Rahm subsequently onboarded David Cohen, the former global head of alternative real estate sectors at Brookfield, and ex-Blackstone principal Komal Sankla to serve as a managing director and principal, respectively.

The firm’s diversified investor base is set to comprise high-net-worth individuals (HNWIs), thrift institutions, banks, sovereign wealth funds (SWFs), university endowments, pension and profit-sharing plans, estates, trusts, charitable organizations and other investment entities.

It is currently in the market with Everview Partners Real Estate Fund (EPREF), which launched last May and has a minimum $10 million commitment threshold.

The fund’s strategy focuses on investments in high-quality real estate and real estate-related assets in North America, with each investment requiring capital ranging from $100 million to $400 million.

Formida Capital | Wade Hundley | Dallas

Formida Capital, established by an ex-CEO of Starwood/TPG-backed venture ST Residential, launched in late 2024 with a $250 million commitment from Oaktree Capital Management.

The firm will aim to invest across the capital stack in a diverse range of real estate assets throughout the US, with a particular focus on office, hospitality, residential and industrial.

Jeffrey Giudice, a managing partner and Formida’s head of lending, told us last year that it was targeting middle-market lending opportunities in underserved US markets.

“Middle-market sponsors are facing limited access to capital and we’re leveraging Oaktree’s resources to provide tailored solutions in this space,” Giudice said.

Its core offerings comprise direct lending, special situations and bank capital solutions, with direct lending options focusing on fixed and floating-rate loans.

Formida was hoping to complete a total of $1 billion in loans last year by the end of 2025, with fund structures under consideration.

Strada Real Estate Partners | Charles Baigler | London

Former Bridge Industrial head of Europe Charles Baigler launched Strada Real Estate Partners after the Chicago-based firm decided to cancel its European expansion plans last year.

Baigler was at Bridge for around 18 months and has brought several of his ex-colleagues along for the new launch, including Leonardo Cerutti as director of investments, and Douglas van Oers as head of the Netherlands.

The firm has a presence in the UK, France, and the Netherlands, and will focus on pan-European logistics opportunities, mainly in these core markets.

It will target opportunities in the higher returning value-add and opportunistic space, with typical deal sizes north of €30 million.

Xyston Capital | Karim Moolani | New York

A former managing director at Fundamental Advisors founded Xyston Capital, a real assets firm focusing on asset-backed credit and market-driven opportunities, as well as equity and asset ownership.

Upon its October launch, sources told us that Karim Moolani had received a $200 million commitment from a MENA-based family office for its inaugural fund investing in real estate, private REITs and private credit.

Shortly thereafter, Moolani onboarded a former private credit specialist at $13 billion CenterSquare Investment Management to focus on opportunistic and special situations investments.

Xyston’s strategy, which aims to capitalize on dislocation and complex situations displaying market inefficiency and capital scarcity, invests across public and private markets.

Asset-backed credit investments comprise loan/note acquisitions and stalled or partially completed projects, while equity and asset ownership includes value-add and opportunistic acquisitions.

Additionally, the firm’s strategy for market-driven opportunities involves asset-backed securities, structured credit and liquidations.

Zenzic Capital | Nadine Buckland and Thomas Lloyd-Jones | London

Zenzic Capital, led by CEO Nadine Buckland and managing partner Thomas Lloyd-Jones, launched its debut institutional fund last year, targeting real estate credit opportunities in Europe.

The open-ended Zenzic Real Estate Credit Opportunities Fund focuses on senior secured lending, with the flexibility to invest in junior debt and preferred equity where appropriate, and has a long-term capacity of $2 billion – $3 billion, with a medium-term target of reaching $1 billion. It is anchored by GCM Grosvenor.

Investment focus includes residential, industrial, hospitality, logistics, and student accommodation with the ability to write a mix of tenors and facility types.

The firm intends to open satellite offices in Italy and Spain this year as the firm continues to scale.

Ones to watch 2026: Real estate

Firm	Founder(s)	Pedigree	Location	Strategy	Sector
Allegro Real Estate	Ian Fairweather, Joseph Russell	CBRE Investment Management	London	Equity	Retail
Arselle Investments	Kev Zoryan, Aaron Greeno	Morgan Stanley Real Estate Investing	Los Angeles	Equity	Residential, industrial, retail, self-storage
Dominium Real Estate	Tom Newman	Schroders Capital	London	Equity	Office
Donohue Douglas Investment Group	Douglas McNeely, R. Donohue Peebles Jr.	Carlyle	New York	Equity	Residential
Dry Capital	Sheelam Chadha	Patrizia	Brussels	Equity	Diversified
Everview Partners	William Rahm	Centerbridge	New York	Equity, Debt	Diversified
Formida Capital	Wade Hundley	Starwood/TPG-backed ST Residential	Dallas	Debt	Office, hospitality, residential, industrial
Strada Real Estate Partners	Charles Baigler	Bridge Industrial	London	Equity	Logistics
Xyston Capital	Karim Moolani	Fundamental Advisors	New York	Equity, Debt	Diversified
Zenzic Capital	Nadine Buckland, Thomas Lloyd-Jones	Ernst & Young	London	Debt	Residential, industrial, student housing, hospitality