The PERE Podcast

The launch of the inaugural PERE Credit 100 ranking marks a defining moment for real estate private credit, reflecting both the sector’s sustained growth and its evolving role within institutional investor portfolios.  

To mark the milestone, PERE Credit hosted a launch breakfast last week at New York’s One Vanderbilt, bringing together leading market participants from across the industry. Senior lending and investor relations professionals took part in a panel moderated by Daniel Cunningham, PERE Credit’s Europe editor.  

On this episode of The PERE Podcast, host McKenna Leavens is joined by Cunningham and Samantha Rowan, editor of PERE Credit, to unpack the key takeaways from the event and explore where the private real estate credit market is heading next.

Later in the episode, partner and head of real estate credit at KKR, Matt Salem, speaks to what he is hearing from his desk. The PERE Podcast has been granted permission to publish this exclusive excerpt from an off-the-record panel.

The data underscores the sector’s momentum. The top 50 managers in the ranking raised $304.7 billion over the past five years, an 18 percent increase compared to the prior year’s cumulative total across the same base period. Yet, as Cunningham notes, the story behind the numbers is more complex than it first appears. While capital continues to flow into the sector broadly, real estate credit still lacks a clearly defined allocation within institutional portfolios, leaving it in a somewhat ambiguous position between asset classes like real estate equity and corporate credit. 

Looking ahead, the opportunity set for real estate credit appears compelling, supported by reset valuations and a significant wave of refinancing activity. However, uncertainty around interest rates, regulatory pressures and broader technological disruption continues to cloud the outlook. 

As PERE Credit expands its global footprint, the Credit 100 ranking offers a timely benchmark for a sector that is not only scaling, but still in the process of defining its role within the broader investment landscape.

With digital transformation workflows already well engrained in data center demand, cloud computing needs growing by almost a third annually, and a world entering an era defined by artificial intelligence, Austin-based Digital Realty finds itself facing serious capital requirements.

The world's biggest data center REIT by footprint, the firm is turning to private markets for a solution that can complement its already extensive use of public equity and debt markets.

In the same month PERE broke news of the REIT’s plans to launch both open- and closed-ended private funds in each of the three major regions, CEO Andy Power spoke to The PERE Podcast about the thesis behind Digital Realty's plans amid the wider capital and opportunity context.

Listen as Power speaks – in person – to PERE editor‑in‑chief Jonathan Brasse about the move and why private markets may be best positioned to support what the firm sees as an unprecedented wave of investment demand.

The post-covid era and its historically challenged fund vintages have invited greater scrutiny of managers’ track records and particularly their willingness to accept risk. As investors consider allocating more capital into an anticipated market upswing, one metric is increasingly catching their attention.

Loss ratios – in short, the percentage of a fund or manager’s deals that result in losses – have long been tracked as a simple way of assessing how much risk a firm typically takes on. But they are now rising in prominence as fund exits reveal just how widespread the losses have been over the last five years.

This episode takes listeners inside this month’s PERE cover story on loss ratios and how investors and their consultants are using them to take a more nuanced view of fund and manager performance.

Listen as host Greg Dool speaks with PERE editor Evelyn Lee to break down the numbers and how allocators are interpreting them. Joining the episode is Jeff Giller, head of StepStone Real Estate, who shares his perspective on loss ratios and how they relate to other key metrics.

It's difficult to have any conversation about private capital markets today without artificial intelligence adoption or private credit tension coming up. Whether the take is positive, neutral or negative, very real risks are leading more capital partners to look for alternative realms in which to diversify their holdings and line up management partners who excel beyond pure investment activity.

For globally scaled managers in the space, such as Sixth Street, today’s market is shaping up to offer more opportunities, but the real estate market still has its own obstacles to grapple with. Whether vying for a slice of the senior housing market or simply trying to stave off turbulence until clear skies emerge, being an active dealmaker in 2026 carries its own set of hurdles.

In this episode of The PERE Podcast, Marcos Alvarado, a partner at Sixth Street and its head of US real estate, gives us an inside look at how his team is approaching the investment puzzle as it relates to private real estate credit and equity markets.

The global real estate investment manager has been looking beyond pure capital relations to further differentiate itself from contemporaries in the current market. As Alvarado notes, market participants are prioritizing firms that can add to their artificial intelligence understanding and implementation, enhance their portfolio allocation approach, and provide bespoke data insights beyond what is available in the mainstream.

Consolidation comes for every facet of the real estate landscape at some point, or so the most scaled participants and their acquisition targets often say. 

But in today’s market, specialized managers and their business partners are looking for more than just assets under management when evaluating inorganic growth opportunities. In the case of Chatham Financial's acquisition of Hodes Weill & Associates, broken exclusively last week by PERE, the value of connectivity was on full display. 

In this episode, David Hodes, co-managing partner and founder of the business named in his and Douglas Weill's sake, joins the discussion to unpack where the team sees opportunities moving forward, especially as repeat relations and data capabilities play more outsized roles in a perceivably tougher capital-raising environment. 

The blending of Chatham and Hodes Weill ultimately creates an all-weather outfit which will see real estate debt and equity lines merged into a larger combined force, a resounding theme playing out among fund managers in today’s market too. And with allocators wanting more concentrated partner rosters, such a combination is expected to make a smoother roadway for capital relations ahead.