The ranking of the largest capital raisers in the real estate debt space
Private debt continued its emergence as a major focus of real estate fundraising last year, accounting for 24.3 percent of all capital raised for private real estate vehicles that closed in 2024 – the greatest share of annual fundraising in at least seven years.
But amid an overall downturn in private real estate capital allocations generally, the rolling five-year fundraising total for real estate’s largest credit managers, the Real Estate Debt 50 ranking, published by affiliate title PERE, declined year-on-year for the first time since PERE began compiling the ranking in 2019.
At the same time, exactly half of the RED 50 managers reported a year-on-year increase in aggregate capital raised over the previous five years, illustrating the relative resilience of the top real estate credit fundraisers in 2024.
TOP 10 REAL ESTATE DEBT MANAGERS
| Rank | Manager | Headquarters | Capital raised ($m) |
|---|---|---|---|
| 1 | AXA IM Alts | Paris | 21,141 |
| 2 | PGIM Private Alternatives | Newark | 19,051 |
| 3 | Blackstone | New York | 15,128 |
| 4 | Pretium Partners | New York | 12,368 |
| 5 | PAG | Hong Kong | 10,952 |
| 6 | Rialto Capital Management | Miami | 8,654 |
| 7 | Berkshire Residential Investments | Boston | 8,534 |
| 8 | Goldman Sachs Asset Management | New York | 7,292 |
| 9 | Metrics Credit Partners | Sydney | 6,662 |
| 10 | BGO | New York | 6,428 |
Top 10 Private Real Estate Debt Managers 2025
Here is an overview of the 10 private real estate debt investors as of 2025. Clicking the firm names will take you to their institution profile where you can view a swathe of information regarding their investment activities, contacts, addresses and specific fund information.
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AXA IM Alts
AXA IM Alts secures the number one position for the sixth consecutive year, raising $21.1 billion between 2020 and 2024. The platform includes senior, mezzanine and construction lending.
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PGIM Private Alternatives
PGIM ranks second with $19.1 billion raised over the past five years. As part of Prudential Financial, PGIM brings a global footprint to its real estate debt business, spanning senior mortgage loans, mezzanine financing and structured credit solutions.
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Blackstone
Blackstone takes the number three spot with $15.1 billion raised. Building on its strength as the world’s largest private real estate manager, Blackstone’s debt platform offers borrowers scale and flexibility, from transitional lending to stabilized property financing.
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Pretium Partners
Pretium Partners ranks fourth, with $12.4 billion raised between 2020 and 2024. Best known for its US housing strategies, Pretium has extended into real estate debt by offering creative credit solutions in areas such as single-family rentals and residential finance.
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PAG
PAG comes in at number five, having raised $10.9 billion. The Hong Kong-based alternatives group is one of Asia’s most active real estate debt managers, providing financing across transitional, mezzanine and special situations strategies.
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Rialto Capital Management l
Rialto Capital ranks sixth, raising $8.7 billion. A US specialist in real estate credit, Rialto has built a platform focused on bridge lending, CMBS investing and opportunistic credit.
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Berkshire Residential Investments
Berkshire Residential places seventh with $8.5 billion raised. The Boston-based firm specialises in US residential real estate, with an emphasis on multifamily housing. Its debt platform focuses on senior and mezzanine lending to developers and operators.
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Goldman Sachs Asset Management
GSAM is eighth with $7.3 billion raised in the past five years. Leveraging Goldman Sachs’ global platform, the real estate debt group provides financing across senior, mezzanine and structured products.
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Metrics Credit Partners
Metrics Credit Partners ranks ninth with $6.7 billion raised. Based in Sydney, Metrics is a private debt manager with growing prominence in real estate credit. Its platform offers diversified lending solutions, including senior, subordinated and construction debt.
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BGO
BGO rounds out the top ten with $6.4 billion raised. The firm, formed from the merger of BentallGreenOak and Sun Life’s real estate businesses, has expanded its debt offering globally. BGO focuses on senior and mezzanine lending across commercial and residential assets.
INSIDE THE REAL ESTATE DEBT 50
REAL ESTATE DEBT 50 | METHODOLOGY
The 2025 Real Estate Debt 50 ranking is based on the amount of capital raised for the purpose of real estate debt issuance by firms between 1 January 2020 and 31 December 2024, as well as capital raised for funds that were actively fundraising at the end of the counting period.
For the purpose of the rankings, we only count closed-end funds for which the fund manager has full discretion over the investment process, from selection over management to exit. As a consequence, we only accept blind-pool funds in which LPs cannot exercise investment decisions and have no liquidity options before the end of the (multiple years long but finite) fund life, without approval from the GP.
Funds must invest solely into private real estate debt assets and GP commitments (for interest alignment only) can be included, too. Capital committed by affiliated entities as well as fund leverage is not eligible. Finally, we do not count funds of funds as well as recycled or rolled-over capital from previous fundraises.
We also count capital raised for co-investments and separately managed accounts, as long as they either fulfil the above criteria, or serve as an “extension” of the main funds’ fundraise, even if the above criteria is not fully met. “Extension” is here defined as vehicles that invest alongside a selection of the portfolio assets of their respective main funds. We do not accept deal-by-deal fundraises.
For funds in market, capital raised via actual LP commitments that were made before the end of the counting period can be included, too. We cannot include commitments made after the end of the counting period, nor do we accept targets or expected commitments. For open-end funds that launched prior to the beginning of the counting period, we only count capital raised entirely within the five-year counting period.
In line with previous years, only funds that invest in real estate debt are considered. In this ranking, opportunistic funds that acquire debt tranches to eventually obtain ownership of underlying real estate equities cannot be counted towards this ranking but are instead to be listed in the PERE 100/200 fund manager ranking.
RED 50 | PREVIOUS RANKINGS
Real estate debt is coming off two years in the spotlight following strong investor demand amid rising interest rates. But in 2023, the broader slowdown in real estate capital commitments finally came for the strategy. This slowing growth is reflected in this year’s Real Estate Debt 50 ranking, published by affiliate title PERE, with that cohort’s total capital raised inching up only 3 percent year-on-year, compared with the previous year’s 19 percent growth. However, against an 11-year fundraising low for overall private real estate fundraising, this shows the strength of appetite for debt.
