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.

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