Key Takeaways
- • AXA IM Alts retained the top spot in PERE's Real Estate Debt 50 ranking for a sixth consecutive year, with $21,141 million in capital raised over the 2020-2024 counting period.
- • PGIM Real Estate ranked second at $19,051 million, while Blackstone ($15,128 million) and Pretium Partners ($12,368 million) gained ground by adding significantly to their rolling fundraising totals.
- • The aggregate 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 as private debt accounted for 24.3 percent of all private real estate capital raised for vehicles closing in 2024.
- • Exactly half of the 50 ranked managers reported year-on-year increases in aggregate capital raised, pointing to relative resilience among top real estate credit fundraisers.
Summary
PERE's 2025 Real Estate Debt 50 ranks the largest global private real estate debt fund managers by capital raised for real estate debt issuance between January 1, 2020 and December 31, 2024, including capital for funds actively fundraising at the end of the period. According to PERE, 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 that year, the greatest share of annual fundraising in at least seven years.
The ranking's top tier was led by AXA IM Alts, based in Paris, with $21,141 million raised, followed by PGIM Real Estate of Newark at $19,051 million. Blackstone of New York ranked third with $15,128 million and Pretium Partners of New York fourth with $12,368 million. PAG of Hong Kong ranked fifth at $10,952 million, followed by Rialto Capital Management of Miami ($8,654 million), Berkshire Residential Investments of Boston ($8,534 million), Goldman Sachs Asset Management of New York ($7,292 million), Metrics Credit Partners of Sydney ($6,662 million) and BGO of New York ($6,428 million) in tenth place.
Despite strength at the top, aggregate capital raising for the RED 50 declined for the first time in the ranking's history, reflecting an overall downturn in private real estate capital allocations. Exactly half of the managers nonetheless reported year-on-year increases over the previous five years. PERE's methodology counts only closed-end, blind-pool funds with full GP discretion that invest solely in private real estate debt, while excluding funds of funds, fund leverage, affiliated-entity commitments and recycled capital. Co-investments and separately managed accounts are included when they meet these criteria or serve as extensions of main funds.
For context, the 2024 RED 50 showed total capital raised inching up only 3 percent year-on-year, compared with 19 percent growth the prior year, against an 11-year low for overall private real estate fundraising. The 2023 cohort had secured an aggregate $267 billion over five years, a 19 percent increase on the prior cohort.
The ranking's top tier was led by AXA IM Alts, based in Paris, with $21,141 million raised, followed by PGIM Real Estate of Newark at $19,051 million. Blackstone of New York ranked third with $15,128 million and Pretium Partners of New York fourth with $12,368 million. PAG of Hong Kong ranked fifth at $10,952 million, followed by Rialto Capital Management of Miami ($8,654 million), Berkshire Residential Investments of Boston ($8,534 million), Goldman Sachs Asset Management of New York ($7,292 million), Metrics Credit Partners of Sydney ($6,662 million) and BGO of New York ($6,428 million) in tenth place.
Despite strength at the top, aggregate capital raising for the RED 50 declined for the first time in the ranking's history, reflecting an overall downturn in private real estate capital allocations. Exactly half of the managers nonetheless reported year-on-year increases over the previous five years. PERE's methodology counts only closed-end, blind-pool funds with full GP discretion that invest solely in private real estate debt, while excluding funds of funds, fund leverage, affiliated-entity commitments and recycled capital. Co-investments and separately managed accounts are included when they meet these criteria or serve as extensions of main funds.
For context, the 2024 RED 50 showed total capital raised inching up only 3 percent year-on-year, compared with 19 percent growth the prior year, against an 11-year low for overall private real estate fundraising. The 2023 cohort had secured an aggregate $267 billion over five years, a 19 percent increase on the prior cohort.
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