The Real Estate Debt 50

The ranking of the largest capital raisers in the real estate debt space

Real estate debt is coming off two years in the spotlight following strong investor demand amid rising interest rates. But in 2023, the broader slowdown in real estate capital commitments finally came for the strategy. This slowing growth is reflected in this year’s Real Estate Debt 50 ranking, published by affiliate title PERE, with that cohort’s total capital raised inching up only 3 percent year-on-year, compared with the previous year’s 19 percent growth. However, against an 11-year fundraising low for overall private real estate fundraising, this shows the strength of appetite for debt.

TOP 10 REAL ESTATE DEBT MANAGERS

Rank Manager Headquarters Capital raised ($m)
1 AXA IM Alts Paris 21,170
2 PGIM Real Estate Newark 19,918
3 PAG Hong Kong 14,262
4 Blackstone New York 13,600
5 Goldman Sachs Asset Management New York 9,036
6 PIMCO Newport Beach 8,936
7 Affinius Capital San Antonio 7,884
8 AllianceBernstein Nashville 7,783
 9 Pretium Partners New York 7,775
10 Rialto Capital Management Miami 7,749

INSIDE THE REAL ESTATE DEBT 50

Real Estate Debt 50 | METHODOLOGY

The 2024 Real Estate Debt 50 ranking is based on the amount of capital raised for the purpose of real estate debt issuance by firms between 1 January, 2019 and 31 December, 2023

Structures:

  • Limited partnerships
  • Co-investment/side car vehicles
  • Seed capital or manager commitment

Strategies:

  • Debt issuing funds
  • Participation in syndicated real estate loans
  • Expected capital commitments
  • Open-end funds subject to conditions
  • Public funds
  • Funds of funds
  • Non-discretionary vehicles
  • Secondaries vehicles
  • Private equity
  • Real estate equity funds (core, core-plus, value-add, opportunistic)
  • Infrastructure funds
  • Hedge funds
  • Capital raised from affiliated entities
  • Capital raised on a deal-by-deal basis
  • Private real estate funds for which purchasing debt is part of the strategy

LATEST REAL ESTATE DEBT STORIES

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