Europe ’ s top fundraisers Key takeaways from REC's Debt Fund 25 in nine slides
Debt fund managers ranked by volume of third-party capital raised for European real estate AXA retains lending strategies, 1 Jan 2015 to 31 Dec 2019 for more of our REC Debt Fund 25 coverage the number AXA Investment Managers – Real Assets $8,855.82m Intermediate Capital Group $5,162.30m one spot BentallGreenOak $3,410.33m LaSalle Investment Management $3,147.51m DRC Capital $2,875.27m France's AXA Investment Aberdeen Standard Investments $2,851.45m Managers – Real Assets has M&G Investments $2,710.23m topped our ranking for the Caerus Debt Investments $2,693.40m second year in a row, raising almost $9 billion in 2015-19 Cheyne Capital Management $2,123.00m inclusive. This is up 58 CBRE Global Investors $1,763.95m percent from the $5.6 billion Tyrus Capital $1,513.63m raised in 2014-19, which SCOR Investment Partners $1,493.97m earned AXA the number DWS $1,466.62m one spot in the 2019 AgFe $1,427.79m ranking. Brunswick Real Estate $1,334.43m PGIM Real Estate $1,326.77m Octopus Real Estate $1,318.34m Amundi Group $1,260.87m Incus Capital $1,245.30m Pluto Finance $1,032.70m Change since 2019 Omni Partners $917.38m Up AEW and Ostrum Asset Management $896.42m Down No change GAM Holdings $805.77m New entry Nuveen Real Estate $649.97m Europa Capital $415.31m Source: Real Estate Capital
Volumes of capital raised From 20 to 25: 55 for more on how we ranked the Debt Fund our ranking 50 25 has grown 45 As the role of non-bank 40 lenders has grown across Europe ’ s real estate markets, 35 so too has our ranking – from 20 managers in last year ’ s 30 inaugural edition to 25 this $bn time round. Taking just the 25 top 20 into account, the capital raised over the rolling five year period has 20 increased since last year. 15 10 5 0 Top 20 managers, 1 Jan 2014 to 31 Top 20 managers, 1 Jan 2015 to 31 Top 25 managers, 1 Jan 2015 to 31 Dec 2018 Dec 2019 Dec 2019 Source: Real Estate Capital
The top fi ve for more on our top five managers in 2020 $3,147.51m LaSalle Investment Management Second place again for Intermediate Capital Group (formerly ICG-Longbow), raising $5.1bn. BentalGreenOak climbs from seventh to third place, $8,855.82m moving LaSalle Investment AXA Investment Managers – Real Assets Management down to fourth. DRC Capital retains its fifth place. $5,162.30m Intermediate Capital Group $3,410.33m $2,875.27m BentallGreenOak DRC Capital Source: Real Estate Capital
UK-based for more on the challenges facing debt managers fund managers dominate Almost half of the capital was raised by London- headquartered managers. 11 firms London 6 firms 4 firms Rest of Europe 4 firms France North America Source: Real Estate Capital
AXA Investment Managers – Real Assets $17bn How they for more on Europe ’ s lending market deployed it M&G Investments $8.74bn The top 10 managers from PGIM Real Estate $5.90bn our Debt Fund 25, ranked by the volume of European real estate lending volumes Nuveen Real Estate $5.20bn reported to us between 1 January 2015 and 31 December 2019. Volumes Cheyne Capital Management $4.20bn reflect lending from all capital sources. DRC Capital $3.88bn Intermediate Capital Group $3.39bn DWS $2.14bn BentallGreenOak $2.10bn Aberdeen Standard Investments $2.06bn Source: Real Estate Capital
Global debt for more on the global giants giants $4.7bn Debt is also issued in Europe Goldman Sachs Merchant through vehicles that have multi- Banking Division regional remits, although such $5.5bn vehicles are not counted for our Cerberus Capital Management main ranking. Here we rank the top five managers of those vehicles. $2.1bn M&G Investments $8.5bn $3.7bn Blackstone Oaktree Capital Management Source: Real Estate Capital
Top 10 funds in market at 1 June There is more for more on capital ICG-Longbow Senior Debt Programme Vintage IV moving into real to come estate debt BNP European Real Estate Debt Fund Managers are busy raising fresh capital for European LaSalle Real Estate Debt Strategies IV real estate lending. Signal Credit Opportunities Fund Senior European Loan Fund III (SELF III) – JV (Ostrum Asset Management) PREDIREC Immo V (Aco fi Loan Management Services) Europa UK Debt Fund III Global Real Estate Debt Partners - Fund II (UK) (Nuveen Real Estate) Cheyne Real Estate Credit Holdings Fund IV Aggregate Debt Fund (LRI Group) Amundi Senior Real Estate Debt Fund 2018 Current size (confirmed as at 1 June, $m) Empira Real Estate Finance Fund IV Target size (denominated currency, m) Quadrant Property Income Fund Source: Real Estate Capital 0 200 400 600 800 1,000 1,200
This report was compiled from data collected for REC's Summer edition published in June 2020 Daniel Cunningham Editor REC daniel.c@peimedia.com +44 20 7167 2033 Merle Crichton Reporter REC merle.c@peimedia.com +44 20 7566 5470 Production: Daniel Blackburn Design: Miriam Vysna
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