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How Europe’s leading debt fundraisers deployed it

Managers featured in the REC Debt Fund 30 ranking collectively reported $86bn of European lending in the past five years.

The Real Estate Capital Debt Fund 30 ranks the leading managers of European real estate debt strategies by the volume of capital they raised from external investors in the five years from the start of 2016 to the end of 2020.

To delve deeper, Real Estate Capital asked the managers to reveal the volume of lending they completed in European markets during that period, broken down by the types of loans provided.

A total of 24 of the 30 managers provided data, revealing that they collectively deployed $86.14 billion over the five-year period, thus demonstrating the influential role of non-bank lenders in the market in recent years. Leading the pack was AXA IM – Alts, which reported $16.7 billion of senior lending. The volumes reflect lending from all capital sources – not just the capital raised from third-party investors, as counted in the main ranking. However, the 23 lenders specified the percentage of deployed capital which was funded by external investors.