Fundraising by the 50 largest capital raisers in the real estate debt space showed impressive growth in the five-year period covered in the publication of PERE’s Real Estate Debt 50 ranking in May last year. Managers in 2023’s league table had secured an aggregate $267 billion over the tracked time period, representing a 19 percent increase on 2022’s figure.
As interest rate rises brought the denominator effect into sharp relief, European managers attracted lower capital commitments. That left it up to North America and Asia-Pacific to pick up the slack, which they did.
An increase in commitments to Asia-Pacific-based managers went a significant way to ensuring that fundraising globally maintained momentum.
There was a 45 percent growth in capital from APAC-headquartered firms in 2023 compared with 2022, so that the region accounted for 9 percent of the RED 50’s total fundraising. The firm behind the majority of that growth was PAG, with the Hong Kong-based manager amassing $13.9 billion for real estate debt in a five-year period, representing a rise of more than $5 billion from the year before.
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