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The global debt giants

We rank the top five fundraisers of vehicles that include Europe in their scope, but which do not focus exclusively on the continent.

The Real Estate Capital Debt Fund 25 ranks debt fund managers by capital raised exclusively for European lending strategies. However, debt is also issued in Europe through vehicles that have multi-regional remits. Among them are some of the most influential lending funds in the market, run by the likes of private equity giant Blackstone and US banking group Goldman Sachs.

The capital in the figures below relates solely to amounts raised for funds and mandates reported to us as multi-regional, including Europe.


New York

The private equity firm’s multi-regional funds with the remit to lend in Europe include Blackstone Real Estate Debt Strategies IV, which launched in 2019 and which is reportedly targeting $5 billion.

Cerberus Capital Management

New York

This year, the US private equity firm launched Cerberus Institutional Real Estate Partners V, targeting real estate debt investments in North America and western Europe. The Cerberus Global Residential Loan Strategy Institutional Fund was launched in 2019.

Goldman Sachs Merchant Banking Division

New York

The division’s Real Estate Principal Investment Area business is a major lender of high-yielding debt in Europe. Its Broad Street Real Estate Capital Partners III fund reached final close on $4.26 billion in 2017. Approximately $2 billion is allocated to European investments.

Oaktree Capital Management

Los Angeles

The credit-focused business was purchased by Canadian property company Brookfield Asset Management in 2019. It makes debt investments in North America and Europe, which is understood to account for a minority of current investments.

M&G Investments


M&G features in the Debt Fund 25 on the basis of capital raised purely for Europe. Its Real Estate Debt Finance funds also focus mainly on Europe, but lend up to 20 percent into North America.