SCOR Investment Partners

Capital raised: $1.5bn
Head office: Paris

SCOR Investment Partners, the asset management company of global reinsurance firm SCOR Group, was founded in 2008. The firm has raised some $420 million more than for the 2019 RED 50.

The Paris-based manager closed a trio of debt funds in recent years – the SCOR Real Estate Loans I, II and III vehicles in 2015, 2016 and 2018, respectively – with the most recent fund sized at €630 million and focused on the financing of assets under development, restructuring or repositions that benefit from the latest environmental labels or welfare certifications. The team is led by Gilles Castiel, head of real estate, and Sandrine Amsili, head of real estate debt.


Ares Management Corporation

Capital raised: $1.5bn
Head office: Los Angeles

As of the end of 2019, Ares’ real estate debt team advised five investment vehicles totaling around $4.8 billion in AUM. The manager raised around $100 million less than it had at the time of the first RED 50, but that small shortfall caused the firm to slip down in the ranking.

Bill Benjamin and Bryan Donohoe – who succeeded Jamie Henderson at the start of this year – lead Ares’ specialty finance company Ares Commercial Real Estate Corporation, which is primarily focused on directly originating, managing and investing in a diversified portfolio of commercial real estate debt-related investments.


Colony Capital

Capital raised: $1.5bn
Head office: Los Angeles

Colony Capital was a top 20 firm last year, but a drop in capital raised has moved it down the list. It launched Colony Distressed Credit Fund V in late 2018 – currently sized at $307 million with a target size of $1.5 billion, and $121 million of co-investment.

The firm established the CDCF series in 2008 for credit investments. It focuses on the origination of high-yield debt and similar financing facilities including mezzanine debt and preferred equity, the acquisition of individual or portfolios of performing, sub-performing, and/or non-performing loans and real estate-owned assets, and investments in real estate-related, distressed or special situations.



Capital raised: $1.4bn
Head office: Charlotte

Barings has $28.3 billion global real estate debt assets under management, as of September 2019. The firm has been originating real estate for more than 150 years and offers a range of private debt financing solutions, including commercial mortgage loans and affordable housing, direct origination of structured finance products such as first mortgage and mezzanine debt, subordinate positions in senior loans, preferred equity and non-performing loans strategies.

The firm’s private real estate debt investments are managed by Dean Dulchinos, head of real estate debt portfolio management and capital markets in Barings Global Real Estate Debt.



Capital raised: $1.4bn
Head office: London

AgFe, a fully independent advisory and asset management firm specializing in complex debt-based investments, entered real estate with intent when it began raising a £1 billion ($1.24 billion; €1.14 billion) debt fund in 2013 to lend to UK real estate. Its trailing total capital raised has approximately halved since last year, however, explaining the firm’s move down the RED 50 ranking.

The London-based firm was founded in 2006 by CEO Paul Rolles, who has a background in securitization at Morgan Stanley, and is led day-to-day by managing partner Brent Williams, who joined in 2008.


Atalaya Capital Management

Capital raised: $1.4bn
Head office: New York

Atalaya’s trailing total capital raised has dipped slightly since the last ranking – by less than $100 million – but that is enough to move the firm down to 45th. Its most recent debt fund is Atalaya Asset Income Fund IV, which held a final close in 2018 on target at $900 million, some $375 million greater than its predecessor.

The manager invests in all major commercial and residential property types across strategies, including bridge and transitional loans (including pre-development), construction loans, first mortgages, B-notes, mezzanine debt, and secondary performing and NPLs. The firm was founded in 2006 by Ivan Zinn, who now serves as managing partner and CIO.


LCN Capital Partners

Capital raised: $1.4bn
Head office: New York

LCN Capital Partners notes that it pursues a single investment strategy: credit-focused investments in operationally critical corporate real estate across all industry sectors and commercial property types in North America and Europe. It was founded in 2011 and specializes in primary sale-leaseback and build-to-suit.

LCN has four offices – its headquarters in New York and three offices in Europe – and six funds. Its two most recent funds, both launched in December 2018, are €122 million LCN European Fund III and $199.33 million LCN North American Fund III. They are targeting €500 million and $500 million respectively.


Brunswick Real Estate Capital

Capital raised: $1.3bn
Head office: Stockholm

The sole Stockholm representative functions as a strong barometer for the RED 50’s growth. Despite Brunswick Real Estate Capital’s five-year capital raised total not having changed since the 2019 list, the firm has slipped 15 places.

Brunswick began focusing on providing senior lending in the Nordic region in 2013. The firm held a final close for Brunswick Real Estate Capital II at €640 million in June 2018, having closed its first fund – Brunswick Real Estate Capital I, the first senior debt fund to target real estate in the Nordics – in March 2015. The team is led by CEO Pontus Sundin.


Octopus Real Estate

Capital raised: $1.3bn
Head office: London

After narrowly missing out on the RED 50 last year, Octopus Real Estate more than doubled its total capital raised and now makes the cut with about $150 million to spare. The specialist investor, formed from the merger of Octopus Healthcare and Octopus Property, provides finance for UK property investment and development.

The firm is led by CEO Benjamin Davis, previously of YFM Equity Partners. Among its funds is Octopus Commercial Real Estate Debt Fund II, which closed £30 million above its £200 million ($248.18 million; €227.84 million) target in April 2018 and is currently investing in the UK.


Amundi Group

Capital raised: $1.3bn
Head office: Paris

Amundi Group, the French manager with €1.65 trillion of assets under management, is currently investing from Amundi Senior Real Estate Debt Fund 2018, a €250 million fund which launched in May 2018. The fund has a target size of €500 million and is investing across western Europe in France, Italy, the Netherlands and Spain.

Amundi’s head of real estate debt strategy is Bertrand Carrez. It launched its commercial real estate debt strategy in 2018, offering exposure to eurozone senior real estate debt, predominantly investing in loans with floating rates to provide a hedge against rising interest rates.


Pacific Investment Management Company

Capital raised: $1.3bn
Head office: Newport Beach

Pacific Investment Management Company once again makes the RED 50, just one place below its debut position last year. The firm invests in real estate debt in Europe and the US through several fund families, including PIMCO Commercial Real Estate Debt and Bank Recapitalization and Value Opportunities (BRAVO) and is currently marketing PIMCO Corporate Opportunities Fund III, which launched in January 2020.

PIMCO Commercial Real Estate Debt Fund hit $1.2 billion in February 2020. The initial target was $1 billion and the fund will invest in mortgages, CMBS and mezzanine loans across the US.