The 2022 Real Estate Debt 50 ranking is based on the amount of capital raised for the purpose of real estate debt issuance by firms between 1 January 2017 until 31 December 2021.

Where two firms have raised the same amount of capital over this time period, the higher RED 50 rank goes to the firm with the largest active pool of capital raised since 2017 (i.e., the biggest single fund). If there is still a ‘tie’ after taking into account the size of a single fund, we give greater weight to the firm that has raised the most capital within the past year.

We give highest priority to information that we receive from or confirm with the private real estate firms themselves. When private real estate firms confirm details, we seek to ‘trust but verify’. Some details simply cannot be verified by us, and in these cases we defer to the honor system. In order to encourage cooperation from private real estate firms that might make the RED 50, we do not disclose which firms have aided us on background and which have not. Lacking confirmation of details from the firms themselves, we seek to corroborate information using firms’ websites, press releases, limited partner disclosures, etc.

What counts?


-Limited partnerships

-Co-investment/side car vehicles

-Seed capital or manager commitment


-Debt issuing funds

-Participation in syndicated real estate loans


What does not count?

-Expected capital commitments

-Open-ended funds

-Public funds

-Funds of funds

-Non-discretionary vehicles

-Secondaries vehicles

-Real estate equity funds (core, core plus, value-add, opportunistic)

-Private equity


-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