The REC USA Debt Fund 40

Real Estate Capital USA’s ranking of US commercial real estate debt managers features organizations that raised $164.8 billion between the years of 2018 to 2022, inclusive. Ranked by the volume raised for US lending strategies during that period, the REC USA Debt Fund 40 provides in-depth information and analysis of the largest non-bank lenders in the region.



Our research and analytics team counted the total volume of capital raised by managers from third-party investors between January 1, 2018, and December 31, 2022, for the purpose of issuing real estate debt in the US.

This ranking includes funds and mandates designed to lend, or participate in syndicated loan deals – it does not include funds raised for the purpose of buying defaulted debt.

Our researchers gave the highest priority to information received from managers themselves. When managers confirmed deals, we sought to ‘trust but verify.’ To encourage co-operation, we did not disclose which companies aided us on background and which did not.

Where we lacked information from organizations, we sought to corroborate information using sources including company websites, announcements and limited partner disclosures.
Focus on the US

This ranking concerns real estate debt funds and mandates targeted toward the US. Where we can identify the allocation to the US within a multi-regional fund, the volume of that allocation is counted towards a manager’s total. However, we do not count multi-regional funds that can be deployed in the US, but for which the US allocation is not identified.

We count capital raised for dedicated programs of issuing debt against real estate, including through participation in syndicated loans. Capital is raised primarily in blind-pool limited partnerships, but also through separate account mandates. We count capital definitively committed by December 31, 2022. Funds must have had an interim or final close after January 1, 2018 – we counted the full amount of a fund if it had a close after that date.
We counted capital raised in limited partnership or co-investment/side-car structures. We also counted seed capital or manager commitments.

The data excludes capital raised from affiliated entities, capital raised on a deal-by-deal basis, expected capital commitments, open-end funds, public funds, funds of funds, non-discretionary vehicles, secondaries vehicles, infrastructure debt funds, hedge funds and credit funds in which buying defaulted or distressed loans is the focus of the strategy.


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