The 2021 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, 2016, until December 31, 2020.

Private real estate debt:

For the purposes of the RED 50, is equity capital raised for a dedicated program of issuing debt for property deals. The capital is raised primarily in blind-pool limited partnerships. These investment programs are further distinguished in that they do not pursue ownership of the assets, but rather the financing of these.

Capital raised:

This means capital definitively committed to a private real estate debt program.
In the case of a fundraising, it means the fund has had a final or official interim close after January 1, 2016. The full amount of a fund may be counted if a close occurs after this date.

The amount of an interim close that occurred recently might also be counted, even if no official announcement has been made. Capital raised through co-investment vehicles is also counted.

What counts?

– Limited partnerships
– Co-investment/sidecar 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 subject to conditions
– Public funds
– Funds of funds
– Non-discretionary vehicles
– Secondaries vehicles
– Real estate equity funds (core, core-plus, value-add, opportunistic)
– Private equity
– Infrastructure
– 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