REC Debt Fund 20 countdown: 20-11

Our countdown of the REC Debt Fund 20, ranking Europe's largest real estate debt fund managers.

For the first time, we have ranked Europe’s 20 leading real estate debt fund managers in our inaugural Real Estate Capital Debt Fund 20.

Compiled by our colleagues in research and analytics, organisations are ranked by the volume of third-party capital raised for European real estate lending strategies between 2014 and 2018 inclusive. Below is the countdown from 20-11.

To find out which organisations ranked from 10-1, click here.

For the full ranking and methodology, click here.

For data on the top 20’s lending activity and the largest funds in market, click here.

Now, we kick off our countdown …


GAM Holdings

$806 million


Jointly managed by Martin Farinola and Andrew Gordon, the Swiss asset manager’s real estate finance team specialises in mid-market commercial property loans in the UK and continental Europe.

In 2015, GAM bought the real estate finance business of London-based independent firm Renshaw Bay.

In April 2018, the group launched its second real estate debt fund, GAM REF II, with a target net IRR of 8-10 percent. The fund lends across all asset types and is seeking opportunities in the UK, Ireland, Benelux, the Nordic countries, Spain and Portugal.






The asset management business is majority-owned by Deutsche Bank. Clemens Schäfer is chief investment officer and head of portfolio management for European real estate, while Georg Allendorf is head of real estate for Europe.

The firm said in January that it had invested around €740 million in real estate debt funds and debt mandates in 2018. Commenting on the company’s real estate and infrastructure debt business at the time, Schäfer said: “In this area last year, assets under management in our loan products broke the €2 billion threshold and we see further potential in 2019.”



Incus Capital



The private credit investment advisory firm was founded in 2012 by Andrew Newton, former head of Lehman Brothers’ southern European NPL business.

Martin Pommier, partner and chief operating officer, says Incus has raised just under €1 billion in the past six years. It has mainly invested in Spain, as well as Portugal, Italy and France.

Its latest fund, Incus Capital European Credit Fund III, closed on €500 million in October 2018. Pommier says the group is in the process of raising a real estate-specific credit fund.



AEW and Ostrum Asset Management



The joint venture between AEW and Ostrum Asset Management – two affiliates of Natixis Investment Managers – is a pan-European real estate debt platform.

Since its launch in 2012, it has undertaken 30 transactions across Europe and invested more than €1.5 billion of equity. It has two senior debt funds under management – the second of which, Senior European Loan Fund II, had raised €549 million of equity by the time of its final close in 2018. It is targeting €700 million for its third fund.

The platform has two heads of debt: Cyril Hoyaux of AEW and Arnaud Heck of Ostrum.



Omni Partners



Founded in 2004 by Steve Clark, who remains a partner in the firm, Omni Partners focuses on private credit and the short-term UK property lending market.

In May 2017, it held a final close on its Omni Secured Lending III fund on £340 million ($434 million). The vehicle invests in secured loans to UK-based residential and commercial properties. Its predecessor funds OSL I and OSL II raised $40 million and $240 million respectively.



Laxfield Group



Laxfield lends across several strategies. These include Laxfield National, which provides senior loans of below £20 million (€23.2 million), and a special situations strategy, which includes development and bridging finance.

The group launched its £750 million Laxfield LLP in 2017. The UK-focused fund provides individual loans of £5 million to £100 million at loan-to-value ratios of up to 75 percent. Chris McMain, the fund’s head of investments, said it had deployed nearly £600 million across seven real estate subsectors. He added that the vehicle’s 22 loans ranged in size from £7.5 million to £80 million.



SCOR Investment Partners



SCOR is a France-based reinsurance company providing insurance firms with risk management services. Its asset management arm, SCOR Investment Partners, entered the real estate debt space in June 2013.

Since then, it has raised €1.26 billion and financed 41 projects. Targeted assets include well-located downtown properties, such as offices, and assets with environmental accreditation. Most of its assets are situated in France.

The group’s head of real estate debt is Sandrine Amsili.



Nuveen Real Estate


New York

The real estate platform of Nuveen, the TIAA-owned investment management firm, rebranded from TH Real Estate in January 2019. Nuveen Real Estate manages equity and debt funds, with a global commercial real estate platform that has $33 billion of assets under management.

In Europe, it invests in property debt on behalf of several clients and mandates with differing returns objectives. The real estate debt team is led in Europe by Christian Janssen. Jack Gay is head of real estate debt for the firm globally.



Brunswick Real Estate Capital



The real estate investment manager is one of the leading property investors and non-bank lenders in the Nordic countries.

In June last year, it announced that it had closed its second property debt fund – focused on Sweden – with €640 million raised. Capital came from some of the region’s largest institutional investors, including insurers Kommunal Landspensjonskasse and Folksam Group.

The chief executive of the firm’s debt business is former Helaba banker Pontus Sundin.



PGIM Real Estate


Madison, New Jersey

As part of US-based Prudential Financial’s global investment management business, PGIM Real Estate is one of the largest property investment managers in the world, with $168.4 billion of assets under management at the close of 2018.

Since establishing a European real estate lending platform in 2009, the firm has raised and invested more than $9 billion across Europe on behalf of institutional investors. It invests for core, core-plus and value-add debt strategies. Its European real estate debt investment team is led by Andrew Macland.