Peter Benson
Blackstone's president and chief operating officer considers real estate debt to be ‘an area of growth' for the firm.
The industry veteran is joining the New York-based credit shop as it closes its first institutional private fund.
The firm's global co-head of real estate says having $30bn of equity to deploy, at a time when debt is harder to get, is a ‘valuable asset.’
SVB and Signature, along with troubled bank First Republic, had been major sources of financing for many real estate managers.
The Dallas-based manager is pivoting some of its equity vehicles to also include debt investments amid rising investor demand.
The New York-based mega-manager’s latest record-breaking opportunistic real estate fund will be nearly $10bn larger in size than its predecessor.
A surprise Federal Reserve rate hike and subsequent rhetoric from the country’s central bank threatens to slow down a red-hot market.
The real estate investment arm of Prudential attracted first-time limited partners to the fund partly on strong past performance.
The New York firm has raised the largest dedicated US debt vehicle since the beginning of the pandemic.
The Toronto-based firm has attracted $4bn in commitments from more than 50 investors for Brookfield Real Estate Finance Fund VI, twice as much as the second-biggest debt fund.