Key Takeaways
- • PERE's 2025 Real Estate Debt 50 ranking, published 1 May 2025, shows private debt accounted for 24.3 percent of all capital raised for private real estate vehicles that closed in 2024, the greatest annual share in at least seven years.
- • The RED 50's rolling five-year fundraising total declined year-on-year for the first time since PERE began compiling the ranking in 2019, even as exactly half of the 50 managers increased their aggregate capital raised.
- • AXA IM Alts retained the top spot for a sixth consecutive year with $21,141m raised, followed by PGIM Real Estate at $19,051m and Blackstone at $15,128m.
- • Pretium Partners ($12,368m) and Blackstone both gained ground by adding significantly to their rolling fundraising totals in 2024.
Summary
Private debt continued to emerge as a major focus of real estate fundraising in 2024, accounting for 24.3 percent of all capital raised for private real estate vehicles that closed during the year, according to PERE's Real Estate Debt 50 ranking published 1 May 2025. That is the greatest share of annual real estate fundraising for the strategy in at least seven years.
The broader picture is more mixed. Amid an overall downturn in private real estate capital allocations, the rolling five-year fundraising total for the RED 50 declined year-on-year for the first time since PERE began compiling the ranking in 2019. Even so, exactly half of the ranked managers reported an increase in aggregate capital raised over the previous five years, which PERE cites as evidence of the relative resilience of the largest real estate credit fundraisers.
AXA IM Alts held the top position for a sixth consecutive year, with $21,141 million raised over the counting period, followed by PGIM Real Estate at $19,051 million. Blackstone (New York, $15,128 million) ranked third and Pretium Partners (New York, $12,368 million) fourth, both having added significantly to their totals last year. Rounding out the top ten were PAG (Hong Kong, $10,952 million), Rialto Capital Management (Miami, $8,654 million), Berkshire Residential Investments (Boston, $8,534 million), Goldman Sachs Asset Management (New York, $7,292 million), Metrics Credit Partners (Sydney, $6,662 million) and BGO (New York, $6,428 million).
PERE's methodology counts capital raised between January 1, 2020 and December 31, 2024 for real estate debt issuance, limited to closed-end, blind-pool funds over which the manager has full discretion. Fund-of-funds, recycled capital, affiliated commitments and fund leverage are excluded, while co-investments and separately managed accounts are included under specified conditions. Funds in market count only LP commitments made before the end of the period.
For context, the 2024 ranking showed total capital raised by the cohort rising only 3 percent year-on-year, against 19 percent growth the previous year, while the 2023 cohort had secured an aggregate $267 billion over five years.
The broader picture is more mixed. Amid an overall downturn in private real estate capital allocations, the rolling five-year fundraising total for the RED 50 declined year-on-year for the first time since PERE began compiling the ranking in 2019. Even so, exactly half of the ranked managers reported an increase in aggregate capital raised over the previous five years, which PERE cites as evidence of the relative resilience of the largest real estate credit fundraisers.
AXA IM Alts held the top position for a sixth consecutive year, with $21,141 million raised over the counting period, followed by PGIM Real Estate at $19,051 million. Blackstone (New York, $15,128 million) ranked third and Pretium Partners (New York, $12,368 million) fourth, both having added significantly to their totals last year. Rounding out the top ten were PAG (Hong Kong, $10,952 million), Rialto Capital Management (Miami, $8,654 million), Berkshire Residential Investments (Boston, $8,534 million), Goldman Sachs Asset Management (New York, $7,292 million), Metrics Credit Partners (Sydney, $6,662 million) and BGO (New York, $6,428 million).
PERE's methodology counts capital raised between January 1, 2020 and December 31, 2024 for real estate debt issuance, limited to closed-end, blind-pool funds over which the manager has full discretion. Fund-of-funds, recycled capital, affiliated commitments and fund leverage are excluded, while co-investments and separately managed accounts are included under specified conditions. Funds in market count only LP commitments made before the end of the period.
For context, the 2024 ranking showed total capital raised by the cohort rising only 3 percent year-on-year, against 19 percent growth the previous year, while the 2023 cohort had secured an aggregate $267 billion over five years.
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