DRC Capital

Capital raised: $2.9bn
Head office: London

DRC Capital is a value-add investment advisor focusing on the commercial real estate debt sector across the UK and Europe. It has raised and invested around €600 million in its senior debt strategy and is currently capital raising for its fourth (UK) and fifth (pan-European) funds in the series. It has completed over £2 billion ($2.48 billion; €2.28 billion) of commercial real estate financings across Europe through seven DRC European Real Estate Debt funds.

DRC’s London-based debt team is led by managing partner Dale Lattanzio, formerly of Duet Private Equity and Merrill Lynch, and offers advisory and origination services to borrowers and investors.


Aberdeen Standard Investments

Capital raised: $2.9bn
Head office: Aberdeen

Aberdeen Standard Investments, the asset management business of Standard Life Aberdeen, was formed when Standard Life Investments and Aberdeen Asset Management merged in 2017. The firm has extensive experience in indirect real estate, real estate multi-manager, listed real estate and real estate debt. The firm enters the RED 50 at 21st place, having raised $2.85 billion.

Aberdeen has held a first close on Aberdeen Standard Secured Credit Fund, which launched in 2017. It is currently sized at £350 million with a target size of £800 million. The fund is currently investing in North America, Asia-Pacific and Western Europe.


CAERUS Debt Investments

Capital raised: $2.7bn
Head office: Düsseldorf

CAERUS Debt Investments invests in German-speaking core markets and the Benelux countries with a focus on whole loans and mezzanine financing for office, hotel and residential buildings. The firm ranks just one place below the 21st spot it achieved in the 2019 RED 50, having raised half a billion dollars more than it had for that ranking.

CAERUS launched its first debt fund – CAERUS Real Estate Debt Fund I, which is still investing – in October 2013. The CAERUS Real Estate Senior-/Whole-Loan Fund was launched in September 2016 and has a target size of €300 million.



Capital raised: $2.6bn
Head office: Frankfurt

DWS rises up the ranking, having raised over $900 million more than for the 2019 RED 50 cycle. The firm, previously known as Deutsche Asset Management, invests in the full spectrum of debt strategies, including B-notes, mezzanine loans and preferred equity, through DWS’s direct investments team and capital markets group.

Todd Henderson, head of real estate for the Americas, and Clemens Schaefer, head of real estate for Europe, lead the team – based in New York and Frankfurt, respectively. Among the firm’s debt funds is the €750 million Bayersiche Versorgungskammer Mandate, investing in Western Europe, North America and Central and Eastern Europe.


Rialto Capital Management

Capital raised: $2.5bn
Head office: Miami

Rialto Capital Management hangs on to 24th place in the RED 50 ranking – just – after having raised an additional $580 million of debt fund capital. The firm launched Rialto Real Estate Fund IV – Debt in September 2019. The $619.9 million fund will invest in the US.

As well as its flagship opportunistic funds, Rialto also raises direct lending and CMBS investment funds as well as separate accounts. The firm invests in newly issued and secondary CMBS bonds and also focuses on distressed and special situations, and direct lending, including mezzanine and floating rate debt.


Prime Finance Advisor

Capital raised: $2.5bn
Head office: New York

Prime Finance Advisor may have moved down the ranking since the 2019 RED 50, but it still raised $2.5 billion since January 1, 2015. Prime Finance is part of Prime Group, a real estate equity and debt investment and operating platform. It directly originates mortgages, mezzanine, participation and preferred equity financing.

Prime also acquires performing, sub-performing and preferred equity financing and invests in CMBS B-pieces. Prime Finance was founded in 2008. In 2018 – its 10-year anniversary – it held final closes for $958.25 million Prime Finance Short Duration VI and $438.7 million Prime Finance Long Duration (B-Piece) II.


Nuveen Real Estate

Capital raised: $2.4bn
Head office: London

Nuveen Real Estate launched two real estate debt funds in 2018: $999.94 million US Core Plus Real Estate Debt Fund and £500 million  ($619 million; €570 million) Global Real Estate Debt Partners – Fund II (UK), investing in the US and UK, respectively.

Nuveen’s global commercial real estate debt platform invests across the capital structure. It offers open- and closed-end private funds, co-investment opportunities and separately managed accounts and finances a range of assets from industrial, office, retail and multifamily to more alternative sectors such as student housing and self-storage. The team is led by Jack Gay, managing director and head of debt, real estate.



Capital raised: $2.4bn
Head office: New York

BlackRock has missed out on a place in the top 25 by just $70 million. The manager invests through funds such as the BlackRock US Real Estate Senior Mezzanine Debt Fund, which launched in 2018 and has commitments of $215 million from three investors.

BlackRock created a real assets debt group last year, combining its $10.5 billion infrastructure debt platform with its real estate debt business to create a single real assets debt platform worth more than $11 billion. It is led by Robert Karnes, who previously led the real estate debt group.


Mesa West Capital

Capital raised: $2.3bn
Head office: Los Angeles

No firm from the 2019 RED 50 has climbed higher this year than Mesa West Capital. The firm ranked 42nd last year, but the latest count sees it rise into the top 30.

Mesa West 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. Its largest closed-ended real estate debt fund is Mesa West Real Estate Income Fund IV, which closed on $900 million in 2017.


Walton Street Capital

Capital raised: $2.2bn
Head office: Chicago

Walton Street Capital has assets under management of around $12 billion and satellite offices in Mumbai and Mexico City. Its 15-strong team is led by Richard Ratke.

The manager’s debt platform is focused on originating and structuring debt investments in high-quality, rental income-producing commercial real estate in the US. It structures junior loans by originating whole loans and partnering with senior lenders. In February 2020 it held a final close on $1.52 billion – above the $1.25 billion target – for Walton Street Real Estate Debt Fund II, the fund it launched in 2017 which is now investing in Mexico and the US.