How the REC USA Debt Fund 40 stacks up with similar rankings

The real estate debt rankings, completed for the last several years by PERE, Real Estate Capital Europe and now Real Estate Capital USA, track fundraising by managers focused on the commercial real estate debt markets globally, in Europe and in the US, respectively.

While there is substantial overlap between the inaugural REC USA Debt Fund 40 and PERE’s RED 50, the Real Estate Debt 50, there are also some significant differences. Two insurance companies – AXA IM Alts and PGIM Real Estate – lead the tables globally and in the US, raising substantially more capital over the targeted five-year period. Brookfield Asset Management, Cerberus Capital Management, AllianceBernstein, LaSalle Investment Management and Berkshire Residential Investments also figure heavily in both regions.

However, there are a number of sizable managers solely focused on the US markets that dominate the Debt Fund 40, including Square Mile Capital and Kayne Anderson Capital Advisors. Bridge Investment Group and ACORE Capital are also major US-focused market participants, rounding out the top 10 of the RED 40 this year. One thing to note: Blackstone Group, which ranks third on the RED 50, raises capital to invest globally, which means that is it not a part of the Debt Fund 40.

New York and Los Angeles each account for two of the headquarter locations for our 10 largest debt fund managers, but there is a wide array of headquarter locations, including Paris, Toronto and Salt Lake City.