Ever since the Global Financial Crisis, ‘alternative’ lenders’ share of European real estate debt has risen relative to that of banks. This trend, which mirrored developments in the US a decade earlier, shows no signs of slowing down. Indeed, a recent look at the INREV Debt Vehicles Universe not only reveals that these funds have reached their greatest extent yet – 98 vehicles with a target equity totalling €60.3billion – but also that this figure has doubled over the last seven years.