Alternative lenders: Cautious lending reflected in deployment

Managers in the latest Debt Fund 30 ranking collectively recorded a slight decrease in European lending volume year-on-year.

Alongside the Debt Fund 30 ranking, Real Estate Capital Europe asked managers to reveal the volume of lending they completed in European markets from the start of 2018 to the end of 2022, broken down by types of loans provided.

A total of 21 of the 30 managers provided data, revealing they had collectively deployed $88.4 billion over the five-year period, slightly down from the $96.1 billion reported by 22 managers in last year’s ranking.

PIMCO (which now incorporates PIMCO Prime Real Estate formerly known as Allianz Real Estate) recorded the highest European lending volume, with a reported $14.2 billion of lending.

Goldman Sachs Asset Management reported a significant year-on-year
increase in lending volumes as its total includes asset manager NN Investment Partners, which it acquired in 2022.

The volumes reflect lending from all capital sources – not just from third-party investors, as counted in the main Debt Fund 30 ranking. However, the 21 lenders specified the percentage of deployed capital that was funded by external investors.