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The pension fund was the largest investor in commercial real estate debt from Q1-Q3 in 2022
The report from analytics firm MSCI and its Real Capital Analytics group also zeroes in on a shift toward niche sectors.
The firm’s quarterly momentum index also shows CLO issuance was up $6.3bn in Q1 2022 compared with the same period last year.
The practice, formerly a niche financing strategy to upgrade properties, is set to become a driving force in ESG lending.
Torchlight, Berkshire Residential Investments and Rialto Capital all saw major fund closes during the period.
Borrowers, lenders and investors should stay focused on the potential impact of rising insurance costs.
As real estate debt strategies become more important to institutional investors, US managers are beefing up their offerings.
James Jacobs, head of real estate for Lazard’s private capital advisory group, says the easing of restrictions on both sides of the Atlantic is changing institutions’ appetite for risk.
The strategy makes up almost half of the private real estate capital raised in the region, the highest proportion recorded since 2016.
Private real estate fundraising ended 2019 on a sour note, with managers closing just $14.5 billion in the last three months of the year.

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