borrowers

After raising Asian capital for a first debt vehicle, the Singapore-based manager is aiming to bring European and US capital into a second and third vehicle.

Makarora, founded by Blackstone's former global head of real estate Chad Pike, has also made its first investments.

The locally based investment management company has already committed that amount to high-quality office properties in the city.

The venture demonstrates an evolution in the way managers approach distressed situations, informed by multiple crises.

The New York investment manager’s portfolio encompasses several niche sectors, including data centers, student housing and life science real estate.

The New York-based managers are looking at opportunities ranging from $15m-$100m.

A rise in ventures targeting programs of less than $100m a loan should be viewed as a barometer for broader commercial real estate financing markets.  

The Annapolis, Maryland-based logistics specialist raised the fund as part of an effort to expand its direct lending capabilities in the industrial and logistics sectors.  

Loan closings rose by 45% year-on-year, according to H1 2025 data from CBRE. 

The firm's origination level was significantly ahead of the firm's year-one target of $650m.