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Real estate debt funds

The European non-listed real estate debt funds sector is undergoing a rapid transformation, with increasing demand as investors seek to expand their portfolios and enhance returns.  

Shifting market conditions, marked by a 'higher for longer' interest rate environment, have led to a further rise in non-traditional lenders filling the void left by traditional banks, resulting in a more diverse lending landscape.

The European non-listed market has experienced substantial growth, more than doubling in size from 50 vehicles and a target equity of €30 billion in 2016 to €63 billion in 2023. This growth is particularly pronounced as traditional lenders exercise caution due to stricter banking regulations, such as Basel III limiting their lending capacity. Simultaneously, high regulatory capital requirements have increased operational costs, creating an opportune space for European debt funds to thrive. 

This evolution is further fueled by a funding gap, with an anticipated €36 billion of assets from closed-end fund liquidations alone expected to come to the market in the next decade. The broader market estimate expects around €94 billion (AEW Research Monthly Report August 2023).

This page serves as central hub for real estate debt funds, offering a comprehensive array of resources to support your navigation of this dynamic landscape, including:   

  • INREV Debt Universe: gain insights into the characteristics and size of the European Debt Funds universe  
  • Insights: increase your understanding and navigate the real estate debt funds landscape 
  • Definitions: clear understanding of all real estate debt-related definitions   
  • Standardised templates: operate efficiently within the debt space  
  • Training and events: stay informed on the latest developments with expert industry insights 

Welcome to your gateway to real estate debt funds.

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Size and characteristics

The INREV Debt Vehicles Universe includes information on debt vehicle characteristics such as loan strategy, size, domicile, structure and vintage. Today it represents €62.9 billion total target equity, spread across 117 vehicles. 

A snapshot of the universe is published every year in October. The latest highlights show: 

  • >60% of investors plan to increase their short term allocations to non-listed real estate debt 
  • the largest increase since inception 
  • recent fund launches focus on senior debt strategies and direct lending 
  • over €25 billion of debt is expected to mature in the next 10 years
  • attractive returns, but the assessment of risk is also more complex


Real Estate Debt

Standardised templates




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Coming soon: Real Estate Debt Myths and Facts