The PERE Awards 2025 marked another year of transformation, building on last year's overhaul that reduced categories and eliminated voting in favor of editorial selection. This year's awards maintained 48 total honors but introduced First-Time Fund Manager of the Year and Net Lease Investor of the Year in the Global category, reflecting the industry's evolving landscape.

Several category changes responded to market dynamics. Hotel & Leisure Investor of the Year became Global-only due to limited strong candidates in regional markets, while Indirect Investor of the Year returned to recognize record-breaking fundraising in secondaries strategies. The awards also implemented new vetting criteria: Global winners cannot also win regional awards for the same category, and fundraising achievements now take precedence over deployment.

The revamped process delivered clear results: no single organization dominated, and winner rosters showed much higher turnover. Notably, none of the Global category honorees received the same award last year, signaling a significant shakeup in the private real estate industry's top performers.