NEW YORK CITY—Experience gets you far in privateequity fundraising. Preqin said Wednesday that ahandful of the most experienced PE real estate managers have raisedthe most capital in the past five years, and also have had the besttrack record for meeting or exceeding their fundraising goals.

The private equity research firm, based in NewYork City and London, reports that the 20 most successful managersglobally may represent only 1% of the total number of active firms,but account for $69 billion of the $215 billion in available drypowder, or 32% of the total. The top three managers—theBlackstone Group, Lone Star Fundsand Brookfield Asset Management—account for atotal of $73 billion of the private capital raised in thecommercial real estate space since 2009, a greater amount than thenext 17 in the top 20.

Along similar lines, managers that have raisedmore than five funds previously account for a growing proportion ofaggregate capital raised, “accounting for 53% of total capitalraised in 2013 compared to 33% in '09,” according to Preqin'sreport. They've also done better when it's their turn at bat: 92%of the funds raised by the top 20 managers met or surpassed theirgoals last year, compared to 67% of the funds raised by allothers.