Real Estate Capital’s Debt Fund 30

The 2024 edition of our annual ranking of Europe’s leading private real estate debt managers features organisations that raised $85.9 billion between them during the years 2019 to 2023, inclusive. Ranked by the volume raised for European property lending strategies during that period, Real Estate Capital‘s Debt Fund 30 provides a snapshot of the continent’s biggest non-bank lenders

TOP 10 REAL ESTATE DEBT FUND MANAGERS

Rank Manager Headquarters Capital raised ($m)
1 AXA IM Alts Paris 15,007
2 Goldman Sachs Asset Management New York 7,349
3 M&G Investments London 6,049
4 BGO New York 4,865
5 ICG Real Estate London 4,763
6 PGIM Real Estate Newark 4,302
7 LaSalle Investment Management Chicago 4,232
8 Cheyne Capital London 3,771
9 AgFe London 3,450
10 PIMCO Newport Beach 3,130

INSIDE THE DEBT FUND 30

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DEBT FUND 30 | METHODOLOGY

This ranking includes funds and mandates designed to lend, or participate in syndicated loan deals – it does not include funds raised for the purpose of buying defaulted debt.

Our researchers gave the highest priority to information received from managers themselves. When managers confirmed deals, we sought to ‘trust but verify’. To encourage co-operation, we did not disclose which companies aided us on background and which did not. Where we lacked information from organisations, we sought to corroborate information using sources including company websites, announcements and limited partner disclosures.

This ranking concerns real estate debt funds and mandates targeted at Europe. Multi-regional funds, which include Europe in their remits, were previously not counted. In 2021, we made a change that has also been used in this year’s Debt Fund 30 ranking: where we can identify the allocation to Europe within a multi-regional fund, the volume of that allocation is counted towards a manager’s total. However, we do not count multi-regional funds that can be deployed in Europe, but for which the European allocation is not identified.

We count capital raised for dedicated programmes of issuing debt against real estate, including through participation in syndicated loans. Capital is raised primarily in blind pool limited partnerships, but also through separate account mandates. We count capital definitively committed by 31 December, 2023. Funds must have had an interim or final close after 1 January, 2019 – we counted the full amount of a fund if it had a close after that date. We counted capital raised in limited partnership or co-investment/side car structures. We also counted seed capital or manager commitments.

The data excludes capital raised from affiliated entities, capital raised on a deal-by-deal basis, expected capital commitments, open-end funds, public funds, funds of funds, non-discretionary vehicles, secondaries vehicles, infrastructure debt funds, hedge funds and credit funds in which buying defaulted or distressed loans is the focus of the strategy. Capital raised that is not focused on investing into Europe also does not count.

DEBT FUND 30 | PREVIOUS RANKINGS

The third edition of our annual ranking of Europe’s leading private real estate debt managers features organisations that raised $71.3 billion between them during the years 2016 to 2020, inclusive. Ranked by the volume raised for European property lending strategies during that period, Real Estate Capital‘s Debt Fund 30 provides a fascinating snapshot of the continent’s biggest non-bank lenders

Welcome to our second annual list of Europe’s leading private real estate debt managers, ranked by the volume of capital raised from investors. This year’s ranking, based on volumes of capital raised between 2015 and 2019 inclusive, has expanded from 20 to 25 to account for the growing role of non-bank lenders across the continent’s property markets

Our inaugural Real Estate Capital Debt Fund 20 ranks debt fund managers by the volume of third-party capital raised for European real estate lending strategies from 2014 to 2018 inclusive.

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