The PERE Credit 100, compiled by PEI Group’s in-house research and analytics team, ranks managers by capital raised for real estate credit over the last five years.
The ranking expands on the Real Estate Debt 50, the annual ranking of the top 50 private real estate debt fundraisers globally, published by affiliate title PERE between 2019 and 2025. As PERE Credit has expanded its remit globally, the expanded ranking represents a first-of-its-kind for private real estate credit fundraising. PERE Credit previously published the PERE Credit 50, with a focus on tracking capital for US real estate debt strategies only, while its European-focused counterpart published a similar ranking for debt managers in that region.
The top 50 firms in the inaugural ranking collectively raised $304.7 billion during the five years ending in 2025. This is an 18 percent increase from the volume of $259.1 billion tracked for the five years ending in 2024.
TOP 10 COMMERCIAL REAL ESTATE PRIVATE CREDIT MANAGERS
| Rank | Manager | Headquarters | Capital raised ($m) |
|---|---|---|---|
| 1 | BNP Paribas Asset Management Alts | Paris | 27,064 |
| 2 | PGIM Real Estate | Newark | 18,764 |
| 3 | Pretium Partners | New York | 14,729 |
| 4 | ACORE Capital | San Francisco | 12,515 |
| 5 | Blackstone | New York | 11,210 |
| 6 | PAG | Hong Kong | 10,261 |
| 7 | Rialto Capital Management | Miami | 9,756 |
| 8 | Blue Owl Capital | New York | 9,572 |
| 9 | Goldman Sachs Asset Management | New York | 8,572 |
| 10 | Berkshire Residential Investments | Boston | 8,438 |
INSIDE THE PERE CREDIT 100
Introducing the inaugural PERE Credit 100
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
Who raised the most for each region in the PERE Credit...
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
Why private real estate credit’s moment is now
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
FEATURES AND COMMENT
How private real estate credit’s growth story stands out from the...
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
The PERE Credit 100 shows real estate private credit has come...
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
Qualitas makes the structural case for Australian real estate private credit
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
Kayne Anderson: Discipline and creativity define the best risk-reward in real...
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
BGO on separating signal from noise in global real estate credit
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
Northwind on why specialization wins out as credit tightens
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
PERE CREDIT 100 | METHODOLOGY
The 2026 PERE Credit 100 ranking is based on the amount of capital raised for the purpose of real estate debt issuance by firms between January 1, 2021 and December 31, 2025, 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 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 investors 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 manager. Funds must invest solely into private real estate debt assets and manager 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 or 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 investor 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.
PREVIOUS RANKINGS
INSIDE THE PERE CREDIT 50
Introducing the 2025 PERE Credit 50
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
New entrants shake up the PERE Credit 50
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
Incumbent advantage still at play for the PERE Credit 50
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
ALTERNATIVE LENDERS SPOTLIGHT
Welcome to PERE Credit’s Alternative Lenders Barometer survey
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
Roundtable: Solving for volatility in commercial real estate debt
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
Northwind Group: Why now is a good time to lend
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
INSIDE THE PERE CREDIT 50
Introducing the 2024 PERE Credit 50
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
The 2024 PERE Credit 50 underlines the power of big names
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
Investors want their real estate chiefs to have debt expertise too
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
Five things to expect in the next real estate credit cycle
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
Meet the biggest fundraisers in US commercial real estate debt
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
Five things we learned from the 2023 Debt Fund 40
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
US proves itself as an attractive lending market
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
Introducing the REC USA Debt Fund 40
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
Five things we learned from the first REC USA Debt Fund...
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
The REC USA Debt Fund 40 by the numbers
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
Goldman Sachs: Debt markets are reaching inflection point
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
Nuveen: Expanding borrowing relationships into a greener world
The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
LATEST HEADLINES
NPS moves toward bespoke partnerships, real estate credit
National Pension Service of Korea is pivoting towards more bespoke partnership structures as it seeks...
Australia’s Qualitas enters Europe with Starz acquisition
The Melbourne-based manager has added a European platform through the purchase of the mid-market lender.
What private real estate lenders can learn from David Bowie
This week’s CRE Finance Council conference in New York used the music of the legendary rocker to put today’s market into context.
Lone Star-led JV lands $122.65m in bridge loan for 600 California Street
The sponsors acquired the property through a distressed commercial mortgage-backed securities loan.
Term Sheet: CREFC’s New York tune; KKR’s $1bn mile marker; NPS’s US debt demand
Commercial real estate lenders are bracing for a change in market tune, as observed at CRE Finance Council’s annual New York conference; KKR is holding a steady fundraising rhythm with the $1bn first close of its latest real estate credit strategy installment; NPS sees the US market as prime for increasing its real estate credit presence; and more in today’s Term Sheet, exclusively for our valued subscribers.
