The Real Estate Debt 50 2023

Real estate managers have had a challenging year on the fundraising trail, with commitments largely drying up amid the return of the denominator effect on institutional portfolios.

The 50 largest capital raisers in the real estate debt space, however, have bucked the slowdown in wider real estate fundraising. Over the past five years, managers ranked in PERE’s 2023 Real Estate Debt 50 have secured an aggregate $267 billion for real estate credit strategies. This represents an increase of 19 percent on last year’s cohort.

Although these headline figures are strong, our analysis of the RED 50 reveals some stark divergence in fortunes, particularly when applying a regional lens. Such fault lines help to illuminate the outlook for real estate credit globally at a critical time in the evolution of the strategy.

INSIDE THE RED 50

RED 50 | METHODOLOGY

The 2023 Real Estate Debt 50 ranking is based on the amount of capital raised for the purpose of real estate debt issuance by firms between January 1, 2018 until December 31, 2022.

Structures:
• Limited partnerships
• Co-investment/side car vehicles
• Seed capital or manager commitment

Strategies:
• Debt issuing funds
• Participation in syndicated real estate loans

• Expected capital commitments
• Open-ended funds subject to conditions
• Public funds
• Funds of funds
• Non-discretionary vehicles
• Secondaries vehicles
• Private equity
• Real estate equity funds (core, core plus, value-add, opportunistic)
• Infrastructure funds
• Hedge funds
• Capital raised from affiliated entities
• Capital raised on a deal-by-deal basis
• Private real estate funds for which purchasing debt is part of the strategy

RED 50 | PREVIOUS RANKINGS

LATEST DEBT STORIES

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OTHER RANKINGS

In addition to the RED 50, PERE also compile other private real estate rankings.

What’s more, our sister titles also produce their own industry rankings covering private equity, infrastructure investing and private debt.

To view the latest rankings from PERE, plus those from Private Equity InternationalInfrastructure Investor and Private Debt Investor, simply navigate through the sections below:

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