Publications

- October 1, 2019: Vol. 31, Number 9

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Capital-raising by debt funds in H1 2019

by Loretta Clodfelter

Fundraising by real estate debt funds has shown strong activity in 2019, with $15.1 billion raised by funds that closed in the first half of the year, according to Institutional Real Estate, Inc.’s FundTracker database, and accounting for 19 percent of the fundraising. By comparison, real estate debt funds that closed in 2015 raised a total of $15.1 billion in the full year.

First half 2019 saw several debt-focused mega-funds (those raising more than $1 billion), including Lone Star Funds’ Lone Star Fund XI, which raised $8.2 billion; The Children’s Investment Fund Management’s TCI Real Estate Partners Fund III, which raised $3.65 billion; and Madison Realty Capital’s Madison Realty Capital Debt Fund IV, which raised $1.14 billion.

When hybrid funds that invest in both real estate equity and debt are taken into account, a total of $53.1 billion has been raised by funds closing in first half 2019. Such hybrid funds represented nearly half of all real estate fu

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