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The index was at 23.71% in July, compared with 23.25% in June and 22.91 percent in May.

The bulk of capital allocated to real estate private credit strategies over the past five years has ended up in the multifamily sector, according to data from PERE Credit.

The Lending Barometer tracked 96 loans totaling $12.67bn across July and August, a level that is 15% lower than the prior two-month period.

CPP Investments was second, with $1.24bn allocated.

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Commercial real estate valuations are under pressure and delinquencies are rising, but most bank management teams have maintained conservative underwriting metrics.

The index was at 22.91% in May compared with 21.67% in March.

A $325m commitment from CPP Investments to the TPG AG Essential Housing Fund was the largest made in the past two months.

PERE Credit tracked 115 new commercial real estate loans totaling $14.96bn in May and June.

H1 saw a mere $4.5bn of new commitments made to commercial real estate private credit strategies.