NEW YORK CITY—Private equity real estate may bea global endeavor, but the most consistent performers among fundmanagers in the sector are based in the US. So saysPreqin, headquartered here and in London, whichranked fund managers that have most consistently outperformed theirpeers, listing 21 US firms among the 26 worldwide that made thecut.

Although by virtue of its scale theBlackstone Group led with the largest number offunds in the first quartile—six of its funds made the topranking—the most consistent performer among fund managers this yearwas JBG Cos. of Chevy Chase, MD. Three othersachieved a perfect score of 1.00: San Francisco-basedCarmel Partners, Belmont, CA-basedEmbarcadero Capital Partners and Atlanta-basedCentennial Holdings.

The ranking of fund managers is based on aquartile ranking for each of their closed-ends, based on the funds'performance of the same geographic focus and vintage year. Fundswith vintages of 2012 or newer are not considered, on grounds thatthey're too new to have generated a meaningful IRR. Nor aremanagers that have not been active since 2008, and Preqin hasranked only the managers that have raised at least three funds.