Key Takeaways
- • PERE's inaugural PERE Credit 100 ranks the largest commercial real estate private credit managers by capital raised between January 1, 2021 and December 31, 2025, with the top 50 collectively raising $304.7 billion, up 18 percent from $259.1 billion in the prior five-year period.
- • BNP Paribas Asset Management Alts ranks first with $27.1 billion raised, following its acquisition of AXA IM Alts, and PGIM Real Estate ranks second with $18.8 billion.
- • Pretium Partners ($14.7 billion) and ACORE Capital ($12.5 billion) round out the top four, while Blackstone ranks fifth with $11.2 billion, down from $15.1 billion in the prior PERE Real Estate Debt 50 period.
- • The ranking expands the Real Estate Debt 50 to a global scope and includes separately managed accounts and co-investment vehicles that meet defined criteria, which changes comparability with earlier US-only and Europe-only rankings.
Summary
PERE has published the PERE Credit 100, a ranking of the largest commercial real estate private credit managers, compiled by PEI Group's in-house research and analytics team. The ranking measures capital raised for real estate debt over the five years ending in 2025 and expands the annual Real Estate Debt 50, which PERE published from 2019 to 2025. It also replaces the US-focused PERE Credit 50 and the European counterpart, making it the first global ranking of its kind for private real estate credit fundraising.
The top 50 firms collectively raised $304.7 billion over the five years ending in 2025, an 18 percent increase from the $259.1 billion tracked for the five years ending in 2024. BNP Paribas Asset Management Alts leads with $27.1 billion, following BNP Paribas' acquisition of AXA IM Alts. On a like-for-like basis, PERE says the combined platform's increase versus its predecessor firms in the prior ranking was approximately 22 percent, driven partly by new separately managed accounts. PGIM Real Estate ranks second with $18.8 billion, broadly flat from the $19.1 billion raised in the 2025 ranking, reflecting slightly less capital from open-ended real estate debt funds.
Pretium Partners ranks third with $14.7 billion, adding two new funds and eleven side vehicles during the period. ACORE Capital is fourth with $12.5 billion. Blackstone ranks fifth with $11.2 billion, down from $15.1 billion in the 2020-2024 period, according to PERE, and PAG is the highest-ranking Asian firm at sixth with $10.3 billion. Rialto Capital Management ($9.8 billion), Blue Owl Capital ($9.6 billion), Goldman Sachs Asset Management ($8.6 billion) and Berkshire Residential Investments ($8.4 billion, marginally down from $8.5 billion) complete the top 10.
Methodology counts closed-end, blind-pool funds with full manager discretion that invest solely in private real estate debt, along with co-investments and separately managed accounts that meet those criteria or act as extensions of main funds. Affiliated commitments, fund leverage, funds of funds, recycled capital and deal-by-deal raises are excluded. Capital for funds in market is included only where investor commitments were made before the end of the counting period.
The top 50 firms collectively raised $304.7 billion over the five years ending in 2025, an 18 percent increase from the $259.1 billion tracked for the five years ending in 2024. BNP Paribas Asset Management Alts leads with $27.1 billion, following BNP Paribas' acquisition of AXA IM Alts. On a like-for-like basis, PERE says the combined platform's increase versus its predecessor firms in the prior ranking was approximately 22 percent, driven partly by new separately managed accounts. PGIM Real Estate ranks second with $18.8 billion, broadly flat from the $19.1 billion raised in the 2025 ranking, reflecting slightly less capital from open-ended real estate debt funds.
Pretium Partners ranks third with $14.7 billion, adding two new funds and eleven side vehicles during the period. ACORE Capital is fourth with $12.5 billion. Blackstone ranks fifth with $11.2 billion, down from $15.1 billion in the 2020-2024 period, according to PERE, and PAG is the highest-ranking Asian firm at sixth with $10.3 billion. Rialto Capital Management ($9.8 billion), Blue Owl Capital ($9.6 billion), Goldman Sachs Asset Management ($8.6 billion) and Berkshire Residential Investments ($8.4 billion, marginally down from $8.5 billion) complete the top 10.
Methodology counts closed-end, blind-pool funds with full manager discretion that invest solely in private real estate debt, along with co-investments and separately managed accounts that meet those criteria or act as extensions of main funds. Affiliated commitments, fund leverage, funds of funds, recycled capital and deal-by-deal raises are excluded. Capital for funds in market is included only where investor commitments were made before the end of the counting period.
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