The private real estate debt market remains one of the most attractive routes to the European real estate market. The coverage of the INREV Debt Funds Universe has increased from 50 funds with a target equity of €30.4 billion in 2016 to a more robust market coverage, including 131 investment vehicles with a targeted equity of €72.6 billion in October 2025.
Key highlights:
- Total target equity for European debt funds included in the INREV Debt Vehicle Universe showed a €2.6 billion increase compared to last year's report.
- More than 80% of the €72.6 billion total target equity is in closed end structures. Senior debt remains the most popular loan type, accounting for 60% of the total target equity.
- Hybrid strategy, a combination of loan acquisition and direct lending, remains the preferred loan generation strategy, representing approximately 56% of the total target equity.
- One third of the target equity present in the INREV Debt Funds Universe has a termination date between 2025 and 2031, adding up to €23.9 billion.
Contact research@inrev.org if you have a debt fund and would like to be part of the Universe.
View detailed analysis via the INREV Debt Funds Universe or download the PDF and Excel below.
Interested in playing a key role in the European non-listed real estate debt sector? Join the INREV Debt Funds Committee by applying before 31 October 2025.
Debt Funds Universe
Published on 21 Oct 2025
The INREV Debt Vehicles Universe publication is designed to provide more transparency and highlight the latest trends in the Global Debt Vehicles market.