Cheyne Capital Management

Capital raised: $2.1bn
Head office: London

London-based Cheyne Capital Management invests in European real estate capital. It closed its fifth real estate credit fund – Cheyne Real Estate Credit Fund V – in July 2018 on its hard-cap of £600 million ($734 million; €657 million), and launched Cheyne Credit Premia Fund in May 2019.

The real estate debt specialist is led by Jonathan Lourie, co-founder, CEO and CIO, who worked at Morgan Stanley before co-founding Cheyne in 2000. Stuart Fiertz, co-founder, president and director of research, has been involved in direct bilateral lending, investments in mortgage-backed securities and in a limited number of equity participations.



Capital raised: $2.4bn
Head office: Melbourne

Up two places since the 2019 RED 50, Melbourne-based Qualitas is one of only two firms in the top 50 from the Asia-Pacific region. It is one of Australia’s largest alternative real estate debt and equity investment groups, with offices in Melbourne, Sydney and New York and investment activities predominantly focused on Australia and New Zealand.

Qualitas launched the Qualitas Build-to-Rent Impact Fund at the very end of 2019, the first dedicated build-to-rent fund in Australia, in a bid to tap into the country’s emerging multifamily sector. It plans to raise A$1 billion ($0.60 billion; €0.56 billion) from institutional investors.


Square Mile Capital

Capital raised: $2bn
Head office: New York

A non-mover since the first RED 50 list, New York’s Square Mile Capital remains 32nd, albeit with more than $775 million of extra capital raised this time around. The firm’s investment strategies include first mortgages and mezzanine loans, as well as the acquiring, restructuring and resolution of commercial mortgage debt originated by other lenders.

The firm launched Square Mile Credit Partners II, a mezzanine fund focused on real assets special situations, in 2018. The same year it also launched Square Mile Tactical Partners II-A. The firm is led by CEO Craig Solomon.


Madison Realty Capital

Capital raised: $1.9bn
Head office: New York

While Madison Realty Capital has raised almost half a billion dollars more than it had for the 2019 RED 50, it has dropped out of the top 30. The firm originates senior secured and mezzanine debt as well as preferred equity, used for construction, acquisition and refinancing of commercial real estate.

Madison Realty Capital is raising capital for Madison Realty Capital Debt Fund V, which has a current size of $662 million. The previous fund, Madison Realty Capital Debt Fund IV, closed $140 million above target at $1.14 billion, which was significantly larger than the $695 million
Fund III.


MaxCap Investment Management

Capital raised: $1.8bn
Head office: Melbourne

MaxCap Investment Management is a new entry to the RED 50, having raised $1.83 billion. It has four real estate debt funds: 2017’s A$150 million ($90.57 million; €83.26 million) MaxCap First Mortgage Fund (close-ended); 2018’s A$280 million MaxCap First Mortgage Construction Fund (Open Ended); 2019’s A$300 million APG Asset Management/MaxCap – Separate Account Tranche 1; and 2019’s A$100 million MaxCap Industrial Opportunity.

Founded in 2007, MaxCap has originated and managed more than A$8.7 billion of Australian CRE debt across 328 loans. Current funds under management and advice total A$3.3 billion.


Värde Partners

Capital raised: $1.8bn
Head office: Minneapolis

Värde Partners launched Varde Mortgage Fund III in November 2019 to invest in retail, multifamily and residential property in North America. The fund has a $150 million commitment from Virginia Retirement System.

Värde lends to commercial entities that develop or manage property assets, including NPL and REO portfolios, in residential, multifamily, commercial and industrial real estate. The firm was co-founded in 1993 by executive chair Marcia Page and co-CEO George Hicks, both of whom are based in Minneapolis. The other co-CEO is Ilfryn Carstairs, who also serves as CIO, based in Singapore, who joined the firm in 2006.



Capital raised: $1.8bn
Head office: London

Real estate and infrastructure investment manager CBRE GI has $105 billion in assets under management. CBRE Group acquired UK-based real estate debt investment business Laxfield Capital, with £818 million of assets under management, in November 2019. Adam Slater, Laxfield’s founder, continues to chair the debt business in a consultancy role.

Last year Laxfield ranked 37th. It has risen up the RED 50 thanks to some $720 million of extra capital raised. Through Laxfield LLP, a £750 million vehicle, the firm provides whole loans of £7 million to £100 million, while Laxfield National offers senior loans of £4 million to £20 million.


Invesco Real Estate

Capital raised: $1.7bn
Head office: New York

Invesco Real Estate is the global real estate investment management arm of Invesco, investing on direct property and publicly traded real estate securities. The firm has raised $1.713 billion between January 1, 2015 and December 31, 2019 – the period covered by the 2019 RED 50 – for the purpose of real estate debt issuance.

Invesco aims to generate attractive risk-adjusted returns by originating senior, subordinate and other types of loans ultimately secured by real estate or equity interests in real estate located in the US. The team is led by Bert Crouch, managing director of structured investments.


JCR Capital Investment Corporation

Capital raised: $1.7bn
Head office: Denver

An additional $736 million of capital raised has moved JCR Capital Investment Corporation, a capital solutions provider to mid-market commercial real estate sponsors, three places up the RED 50. It is managed by president Jay Rollins and CIO Maren Steinberg, who are both managing principals.

They co-founded the firm in 2006 and have worked together since 1992, investing approximately $2.5 billion in over 400 transactions. The firm provides customized solutions, including bridge loans and structured debt, and actively invests in value-add, opportunistic and distressed transactions, as well as note sales, recapitalizations and special situations.


Tyrus Capital

Capital raised: $1.5bn
Head office: London

Tyrus Capital announced its acquisition of Tyndaris in December 2019, nearly doubling Tyrus’s AUM to $2 billion. The deal saw Tyrus, founded in 2009 by ex-Deephaven Capital Management and Lehman Brothers pro Tony Chedraoui, acquire Tyndaris’s real estate lending strategy and convertible debt strategy, taking on 15 staff from the latter.

Tyndaris focuses on mid-market commercial real estate opportunities from €15 million to €75 million and targets whole loans, mezzanine and subordinate loans, special situations capital and preferred equity in real estate across Europe. Its debt fund, Tyndaris Real Estate, closed on €350 million in 2015.