The PERE Credit 100, compiled by PEI Group’s in-house research and analytics team, ranks managers by capital raised for real estate credit over the last five years.
The ranking expands on the Real Estate Debt 50, the annual ranking of the top 50 private real estate debt fundraisers globally, published by affiliate title PERE between 2019 and 2025. As PERE Credit has expanded its remit globally, the expanded ranking represents a first-of-its-kind for private real estate credit fundraising. PERE Credit previously published the PERE Credit 50, with a focus on tracking capital for US real estate debt strategies only, while its European-focused counterpart published a similar ranking for debt managers in that region.
The top 50 firms in the inaugural ranking collectively raised $304.7 billion during the five years ending in 2025. This is an 18 percent increase from the volume of $259.1 billion tracked for the five years ending in 2024.
TOP 10 COMMERCIAL REAL ESTATE PRIVATE CREDIT MANAGERS
| Rank | Manager | Headquarters | Capital raised ($m) |
|---|---|---|---|
| 1 | BNP Paribas Asset Management Alts | Paris | 27,064 |
| 2 | PGIM Real Estate | Newark | 18,764 |
| 3 | Pretium Partners | New York | 14,729 |
| 4 | ACORE Capital | San Francisco | 12,515 |
| 5 | Blackstone | New York | 11,210 |
| 6 | PAG | Hong Kong | 10,261 |
| 7 | Rialto Capital Management | Miami | 9,756 |
| 8 | Blue Owl Capital | New York | 9,572 |
| 9 | Goldman Sachs Asset Management | New York | 8,572 |
| 10 | Berkshire Residential Investments | Boston | 8,438 |
Top 10 biggest capital raisers for real estate credit in the PERE Credit 100
PERE Credit’s ranking captures the largest capital raisers in the real estate credit space during the five years ending in 2025.
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BNP Paribas Asset Management Alts
BNP Paribas Asset Management Alts takes the top position following the acquisition of AXA IM Alts by BNP Paribas. The combined platform has raised $27.1 billion in real estate debt capital over the past five years. On a like-for-like basis, accounting for both firms before the acquisition, the increase compared to the PERE Credit 100’s predecessor ranking, the PERE Real Estate Debt 50, amounts to approximately 22 percent, driven in part by new separately managed accounts.
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PGIM Real Estate
PGIM Real Estate takes second place with $18.8 billion raised — broadly flat with the volume raised by the firm in the 2025 PERE RED 50. The modest decline from $19.1 billion reflects slightly less capital raised from open-ended real estate debt funds. The New Jersey-based firm continues to offer institutional investors access to senior and mezzanine loans, structured credit and opportunistic credit strategies globally.
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Pretium Partners
Pretium takes bronze with $14.7 billion raised. The New York-based residential credit specialist added two new funds and eleven new side vehicles during the period, reinforcing its position as one of the leading managers in homebuilder financing, multifamily debt and opportunistic residential real estate credit.
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ACORE Capital
ACORE Capital is ranked fourth with $12.5 billion raised. The California-based firm continues to specialize in debt solutions for transitional, value-add, and opportunistic properties across the U.S.
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Blackstone
Blackstone raised $11.2 billion, down from $15.1 billion in the 2020-2024 period recorded in the PERE RED 50 2025. The firm submitted an aggregate figure confirmed to meet PERE Credit’s criteria. Blackstone remains a dominant force across the real estate debt capital structure, offering a wide range of financing solutions across geographies and risk profiles.
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PAG
PAG takes the sixth spot with $10.3 billion raised. Headquartered in Hong Kong, PAG remains the highest-ranking Asian firm on the list, with a credit platform spanning transitional and special situations financing across Asia and emerging markets.
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Rialto Capital Management
Rialto Capital raised $9.8 billion during the counting period. Miami-based Rialto continues to be a leading specialist in opportunistic and bridge real estate debt across the US and Europe.
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Blue Owl Capital
Blue Owl Capital was ranked eighth with $9.6 billion raised, with the firm reporting a broad range of real estate debt vehicles — including rebranded funds from acquired managers.
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Goldman Sachs Asset Management
Goldman Sachs Asset Management came in at ninth with $8.6 billion raised. One new separately managed account and six new side vehicles were recorded during the period. The New York-based firm continues to deploy across senior, mezzanine and ground-lease real estate debt for institutional partners globally.
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Berkshire Residential Investments
Berkshire Residential Investments featured in 10th place with $8.4 billion raised, marginally down from $8.5 billion raised in 2020-2024 per the PERE RED 50 2025. The Boston-based manager invests in senior bridge loans, mezzanine debt and Freddie Mac Capital Markets Execution securities across US housing markets.
INSIDE THE PERE CREDIT 100
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The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
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The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
PERE CREDIT 100 | METHODOLOGY
The 2026 PERE Credit 100 ranking is based on the amount of capital raised for the purpose of real estate debt issuance by firms between January 1, 2021 and December 31, 2025, as well as capital raised for funds that were actively fundraising at the end of the counting period.
For the purpose of the rankings, we only count closed-end funds for which the manager has full discretion over the investment process, from selection over management to exit. As a consequence, we only accept blind-pool funds in which investors cannot exercise investment decisions and have no liquidity options before the end of the (multiple years long but finite) fund life, without approval from the manager. Funds must invest solely into private real estate debt assets and manager commitments (for interest alignment only) can be included, too.
Capital committed by affiliated entities as well as fund leverage is not eligible. Finally, we do not count funds of funds or recycled or rolled-over capital from previous fundraises.
We also count capital raised for co-investments and separately managed accounts, as long as they either fulfil the above criteria, or serve as an “extension” of the main funds’ fundraise, even if the above criteria is not fully met. “Extension” is here defined as vehicles that invest alongside a selection of the portfolio assets of their respective main funds. We do not accept deal-by-deal fundraises.
For funds in market, capital raised via actual investor commitments that were made before the end of the counting period can be included, too. We cannot include commitments made after the end of the counting period nor do we accept targets or expected commitments. For open-end funds that launched prior to the beginning of the counting period, we only count capital raised entirely within the five-year counting period.
PREVIOUS RANKINGS
INSIDE THE PERE CREDIT 50
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The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
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The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
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The PERE Credit 100 ranks managers by capital raised for real estate private credit strategies in the last five years.
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