RED 50 methodology

How we compiled our 2023 ranking of the 50 largest real estate debt fund managers.

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.

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 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