The PERE Credit 50

3 June 2024
The PERE Credit 50, compiled by PEI Group’s in-house research and analytics team, ranks managers by the amount of capital raised from external investors for private credit strategies during the preceding five years. The 50 largest US-focused firms raised $164.73 billion for the five years ending in 2023.

The ranking complements similar research from our affiliate titles, PERE and Real Estate Capital Europe, which respectively look at the 50 biggest global managers and the 30 largest European firms. This year’s ranking expands the work done by PERE Credit’s predecessor publication, Real Estate Capital USA, which provided an annual ranking of the 40 largest US-focused real estate private credit managers

TOP 10 COMMERCIAL REAL ESTATE PRIVATE CREDIT MANAGERS ACTIVE IN THE US

Rank	Manager	Headquarters	Capital raised ($m)
1	PGIM Real Estate	Newark	14,881
2	Affinius Capital	San Antonio	7,884
3	Pretium Partners	New York	7,775
4	Rialto Capital Management	Miami	7,749
5	Kayne Anderson Capital Advisors	Los Angeles	6,764
6	AllianceBernstein	Nashville	6,401
7	Berkshire Residential Investments	Boston	6,377
8	Bridge Investment Group	Salt Lake City	6,150
9	ACORE Capital	Larkspur, CA	6,060
10	Madison Realty Capital	New York	5,897

SEE THE FULL RANKING

INSIDE THE PERE CREDIT 50

Fundraising

Introducing the 2024 PERE Credit 50

Samantha Rowan -

3rd June, 2024

Featured

The 2024 PERE Credit 50 underlines the power of big names

Samantha Rowan -

3rd June, 2024

Featured

Investors want their real estate chiefs to have debt expertise too

Jonathan Brasse -

3rd June, 2024

Featured

Five things to expect in the next real estate credit cycle

Samantha Rowan -

3rd June, 2024

THOUGHT LEADERSHIP

Roundtable: Alternative lenders prep for Basel III

Kayne Anderson on finding the relative value

Schroders Capital on navigating uncertainty in real estate debt

Värde Partners on capitalizing on a new era of non-bank lending

PERE CREDIT 50 | METHODOLOGY

Our R&A team counted the total amount of capital raised by managers from third-party investors for funds that held a final close between January 1, 2019, and December 31, 2023, as well as capital raised for funds that were actively fundraising at the end of the counting period for the purpose of issuing real estate debt in the US.

This ranking includes funds and mandates designed to lend or participate in syndicated loan deals – it does not include funds raised for the purpose of buying defaulted debt.

Our research process

This ranking includes funds and mandates designed to lend or participate in syndicated loan deals – it does not include funds raised for the purpose of buying defaulted debt.

Our researchers gave the highest priority to information received from managers themselves. When managers confirm information, we seek to ‘trust but verify.’ To encourage co-operation, we do not disclose which GPs aided us on background and which did not. Where we lack information from managers, we seek to corroborate information using sources including company websites, announcements and limited partner disclosures.

Focus on the US

This ranking concerns real estate debt funds and mandates targeted toward the US. Where we can identify the allocation to the US within a multi-regional fund, the volume of that allocation is counted towards a manager’s total.

What counts

Structures

Limited partnerships
Co-investment/side car vehicles
Seed capital or manager commitment

Strategies

Debt issuing funds
Participation in syndicated real estate loans

What does not count

Expected capital commitments
Public funds
Funds of funds
Non-discretionary vehicles
Secondaries vehicles
Real estate equity funds (core, core plus, value-add, opportunistic)
Private equity funds
Infrastructure funds
Hedge funds
Capital raised from affiliated entities
Capital raised on a deal-by-deal basis
Real estate funds which acquire debt in order to obtain ownership of underlying assets