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Going into 2020, Europe’s private real estate debt industry offered investors access to a range of property debt strategies, ranging from senior loans to high-yielding products such as mezzanine and bridge finance facilities. The covid-19 crisis presents managers with the challenge of deploying capital and delivering the returns promised to investors.
The leading organisations in the European non-bank lending space make up the Real Estate Capital Debt Fund 25 – our second annual ranking of managers by the volume of capital raised for debt strategies over a five-year period. To reflect the growth industry, we expanded the number of managers ranked from 20 in the inaugural edition, to 25.
In 2019, the top 20 had corralled $42.7 billion of investor capital between them during the 2014-18 period. This time, during 2015-19 inclusive, the top 20 raised $49 billion, with a total of $52.7 billion across all 25 ranked managers.
Those sitting on dry powder face challenging times. However, most of the lending teams in the ranking were assembled to capitalise on the fallout from the 2007-08 crisis. The distress and dislocation caused by the current crisis is likely to be seen by debt fund managers as a new opportunity to deploy capital in illiquid situations.
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