The private real estate debt market remains one of the most attractive routes to the European real estate market. The INREV Debt Funds Universe reached 119 vehicles at the end of September 2026 with a combined target equity of €63.5 billion.
Key highlights:
- According to the ANREV/INREV/NCREIF Fund Manager Survey, global allocations by AUM towards real estate debt stood at €387 billion in 2025, a figure more than double the €187 billion reported in 2018.
- Senior debt remains the most popular loan type, accounting for 64% of the total target equity.
- 13 debt funds included in the Debt Vehicles Universe had their first closing in 2022 or later, of which 4 funds had their first closing in 2025. No funds included in the Universe had their first closing in 2026.
- Close to one third of the target equity present in the INREV Debt Vehicles Universe (€18.2 billion) will be coming to the market between 2026 and 2031, of which €10.7 billion is senior debt.
- Hybrid strategy, a combination of loan acquisition and direct lending, is the preferred loan generation strategy, representing approximately 57% of the total target equity.
- Oldest cohorts of real estate debt funds report higher target IRRs than their younger counterparts.
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 Vehicles Universe or download the infographic below.
Debt Funds Universe
Published on 20 Oct 2026
The INREV Debt Vehicles Universe publication is designed to provide more transparency and highlight the latest trends in the Global Debt Vehicles market.