Debt Fund 25: Profiles 6-15

The firms placed 15th to sixth in our ranking of Europe's biggest real estate debt fundraisers.

Aberdeen Standard Investments

Capital raised: $2.85bn
Headquarters: Aberdeen

Aberdeen Standard Investments, the asset management business of Standard Life Aberdeen, was formed by the merger of Standard Life Investments and Aberdeen Asset Management in 2017. It operates several real estate strategies, including debt. Neil Odom-Haslett is head of commercial real estate lending. It closed its Fund 3 on £155 million (€178 million) in December 2015 and Private Credit 1 on £150 million in October 2016. It also secured five Europe-focused segregated mandates via external investors totalling $2.15 billion in the five-year period.

M&G Investments

Capital raised: $2.71bn
Headquarters: London

M&G raised more than $2.7 billion for its purely Europe-focused vehicles in 2015-19, $850 million less than in 2014-18, hence it is down three places. However, in 2015-19, it raised more than $2 billion for its Real Estate Debt Finance series of funds, which are majority-focused on Europe but also include an allocation to the US. This capital is captured in our separate multi-regional ranking.

M&G’s European real estate lending strategy encompasses senior, mezzanine and whole loan products across commingled and separate account mandates. Led from London by John Barakat, it has been active since 2008.

Caerus Debt Investments

Capital raised: $2.69bn
Headquarters: Dusseldorf

Caerus Debt Investments, led by chief executive Michael Morgenroth, lends in German-speaking markets and the Benelux countries. It focuses on whole loan financing, as well as bridge and mezzanine loans. The firm retains the same spot it achieved in 2019, with half a billion dollars more in funds raised than during the period covered by that ranking.

Our data show Caerus’s Real Estate Senior/Whole Loan Fund reached a third close at €166 million in September 2016. It has a target size of €300 million. The firm also lends on behalf of debt mandates.

Cheyne Capital Management

Capital raised: $2.12bn
Headquarters: London

Cheyne Capital Management invests in direct property lending, including senior loans to value-add assets and higher-yielding loans, as well as securitised debt and selected special situations deals. It closed its fifth real estate credit vehicle, Cheyne Real Estate Credit Fund V, in July 2018 on a hard-cap of £600 million (€657 million). Cheyne Credit Premia Fund launched in May 2019.

It is led by Jonathan Lourie, co-founder, chief executive and chief investment officer, who was at Morgan Stanley before co-founding Cheyne in 2000. Ravi Stickney (pictured) is head of real estate debt.

CBRE Global Investors

Capital raised: $1.76bn
Headquarters: Los Angeles

A new entrant, CBRE Global Investors entered European lending in November 2019 with its acquisition of the London-based debt specialist Laxfield Capital. At the time of the purchase, Laxfield, which polled 15th in last year’s ranking, had £818 million (€942 million) of UK assets under management. Laxfield co-founder Emma Huepfl leads the team. Continental European expansion is being led by Marco Rampin, who joined from CBRE’s debt advisory division in 2019.

Funds raised in 2015-19 included £750 million for the whole loan vehicle Laxfield LLP.

Tyrus Capital

Capital raised: $1.51bn
Headquarters: London

Tyrus Capital announced its acquisition of London-based Tyndaris in December 2019 in a deal that nearly doubled Tyrus’s assets under management to $2 billion. Tyrus, founded in 2009 by ex-Lehman Brothers executive Tony Chedraoui, acquired Tyndaris’s real estate lending strategy and convertible debt strategy, taking on 15 Tyndaris staff.

The lending strategy focuses on mid-market commercial real estate opportunities from €15 million to €75 million in whole loans, mezzanine and subordinate loans, special situations capital and preferred equity across Europe.

SCOR Investment Partners

Capital raised: $1.49bn
Headquarters: Paris

SCOR Investment Partners, the asset management company of global reinsurance firm SCOR Group, was founded in 2008.

The manager closed a trio of debt funds in recent years: the SCOR Real Estate Loans I, II and III funds in 2015, 2016 and 2018, respectively.

The 2018 fund was sized at €630 million and focused on assets under development, restructuring or repositions that benefit from the latest environmental labels or welfare certifications.

The team is led by Gilles Castiel, head of real estate, and Sandrine Amsili (pictured), head of real estate debt.

DWS

Capital raised: $1.47bn
Headquarters: Frankfurt

The real estate business of DWS, the Frankfurt-based asset manager previously known as Deutsche Asset Management, sits within the company’s alternatives platform. DWS invests across a wide spectrum of real estate debt strategies including securitised B-notes, mezzanine loans and preferred equity through its direct investment team and capital markets group.

Clemens Schaefer is head of real estate Europe, alternatives, based in Frankfurt. Alexander Oswatitsch was promoted to head the European real estate debt platform in January 2019.
Per our data, the company’s DeAWM Senior Loan Fund, closed on €750 million in July 2015.

AgFe

Capital raised: $1.43bn
Headquarters: London

AgFe, an independent asset manager, manages discretionary funds and segregated accounts focused on investment in public and private fixed- income assets. It entered real estate with intent when it began raising a £1 billion (€1.15 billion) debt fund in 2013 to lend to UK property.

Its trailing total capital raised has approximately halved since last year’s ranking, however, which explains its move down from sixth in the 2019 edition.

The firm was founded in 2006 by chief executive and former Morgan Stanley banker Paul Rolles. James Wright joined AgFe in 2009 to focus on real estate debt.

Brunswick Real Estate

Capital raised: $1.33bn
Headquarters: Stockholm

Brunswick Real Estate is a leading non-bank lender in the Nordic markets.

The company launched its debt strategy in 2013, with the aim of providing borrowers with an alternative to the region’s banks and the unsecured bond market.

In June 2018, it reached final close of its second real estate debt fund on SKr6.6 billion (€640 million). At the time, Brunswick partner Louise Richnau told Real Estate Capital the fund’s strategy was to provide senior loans to predominantly cashflow-generating property.

Former Helaba banker Pontus Sundin (pictured) is chief executive of its debt division.

SHARE