How we compiled the REC Debt Fund 30

The methodology behind our 2021 ranking of the 30 largest real estate debt fund managers in Europe.

Our research and analytics team counted the total volume of capital raised by managers from third-party investors between 1 January, 2016, and 31 December, 2020 for the purpose of issuing real estate debt in Europe.

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 research process

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.

Focus on Europe

This ranking concerns real estate debt funds and mandates targeted towards Europe. In previous editions, multi-regional funds, which include Europe in their remits, were not counted. This year, we made a change: 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.

What counts

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, 2020. Funds must have had an interim or final close after 1 January, 2016 – 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.

What does not count

The data exclude 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.