Accompanying PERE’s first special report on debt funds is our inaugural top 50 ranking of global private real estate debt fund managers – RED 50 for short.

Compiled by our colleagues in the PERE research & analytics team, the list is based on the capital raised for debt issuance funds between 2014 and 2018. And a familiar name occupies the number one spot – Blackstone. North American-based managers, in fact, dominate the ranking – 32 feature in total, likely a reflection of the maturity of the market stateside compared to other regions.

European managers take up 16 places in RED 50 with London-headquartered ICG-Longbow the region’s top dog in third place followed by M&G Investments in fourth and DRC Capital falling just outside the top 10 in eleventh position. Asia-Pacific-based fund managers fare less well, with just two managers – Melbourne-headquartered Qualitas and Japan’s Diamond Realty Management –  in RED 50.

Now, we kick off our countdown…


KSL Capital Partners

$671 million

Since forming in 2005, KSL Capital Partners has raised four private equity funds and two credit funds with about $9 billion in commitments, ranging across travel and leisure businesses such as hotels, resorts, clubs, fitness, family entertainment, skiing and resort real estate. With offices in Denver, Stanford and London, the firm is led by Michael Shannon, chairman, and CEO Eric Resnick.



$674 million

AEW is a real estate asset manager, investing through separately managed accounts, and open- and closed-end funds. In June 2018, it closed its second fund from a joint venture with Ostrum Asset Management, raising €549 million for Senior European Loan Fund, SELF II. AEW has offices in Boston, Los Angeles, London, Paris, Hong Kong, Singapore and Sydney, and additional offices in nine European cities.


Pacific Investment Management Company

$697 million
Newport Beach, California

Pacific Investment Management Company invests in real estate debt in Europe and in the US through several fund families. Recently, it has been raising PIMCO Commercial Real Estate Debt fund. Its Bank Recapitalization and Value Opportunities, or BRAVO, fund series targets residential real estate, commercial real estate and specialty finance assets.


Quadrant Real Estate Advisors

$714 million
Alpharetta, Georgia

Quadrant Real Estate Advisors primarily focuses on debt investments collateralized by commercial real estate in the US, Ireland and the UK. Recent transactions include a $175 million first mortgage loan to finance the acquisition a Class A life science office building with retail in Boston, and a $48 million construction to permanent loan for a 230-unit multifamily building in Chicago.


Oz Management

$736 million
New York

Oz Management focuses on North American real estate credit investments across multiple asset classes and security types, including first-lien loans, mezzanine loans, subordinate notes, B-notes, loan portfolios, preferred equity, ground leases, sale-leasebacks and other credit instruments.

Steve Orbuch is the New York-based firm’s executive managing director and founder.


Calmwater Capital

$740 million
Los Angeles

Calmwater Capital provides senior and mezzanine financing and focuses on office, retail, industrial, hospitality, multifamily, student housing, healthcare and special-use assets in the US. Currently investing out of its US Real Estate Credit Fund III, a $636 million vehicle, the team is led by Larry Grantham, co-founder and senior portfolio manager. Recent transactions include the financing of the Thompson Hotel in Hollywood.


RCG Longview

$793 million
New York

RCG Longview’s recent transactions include the refinancing of a multifamily condo building in New York City’s East Village through a $34.2 million mezzanine loan, and a $70 million mezzanine loan to fund the acquisition, renovation and conversion of two Class A stabilized multifamily rental towers into condominiums in Manhattan. It has also financed several suburban apartment complexes in the US.


GAM Holdings

$806 million


GAM Holdings’ real estate finance business has accumulated about £1.1 billion. The firm is led by Andrew Gordon and Martin Farinola, who jointly manage GAM Investments’ real estate finance team.

The firm is currently investing out of its GAM Real Estate Finance Fund II, which launched in April 2018 and invests in whole loans and junior loans across the UK and Europe.


Mesa West Capital

$900 million
Los Angeles

The firm provides non-recourse first mortgages for core, core-plus, value-add and transitional properties in the US. In 2017, it was acquired by Morgan Stanley Investment Management, although it continues to operate as a separate entity within MSIM’s real assets group.

Mesa West Real Estate Income Fund IV, the firm’s largest closed-ended real estate debt fund, closed on $900 million in 2017, beating its target of $750 million.


Incus Capital

$911 million

Incus Capital focuses primarily on asset-backed lending, real estate credit and leasing, and has raised more than €1.2 billion and deployed over €1 billion since inception in 2012. Its third fund closed on €500 million in 2018 and is about 20 percent deployed, while the firm plans to launch Fund IV in 2021.

Incus is owned and operated by its five partners: Andrew Newton, Martin Pommier, Estanis Carvajal, Alejandro Moya and Alvaro Rivera.


JCR Capital

$942 million

JCR Capital’s latest fund, JCR Capital Income Plus Fund IV, closed in November 2018 on $306 million, surpassing its initial target of $130 million. The fund focuses exclusively on mid-market properties valued at $50 million and less in the multifamily, industrial and office sectors, as well as select retail.

The firm is managed by Jay Rollins and Maren Steinberg, both managing principals.