PERE: Credit managers keep the faith
Despite a downturn in European real estate debt fundraising in 2024, BGO successfully closed its third Europe Secured Lending Fund at €1.38 billion, surpassing its €1.35 billion target. This achievement is notable given the challenging fundraising environment, where European-focused property debt strategies saw a decline from $5.7 billion in 2023 to $3.4 billion in 2024.
Jim Blakemore, BGO's Managing Partner and Global Head of Debt, attributed this success to a gradual improvement in market conditions and increased investor optimism as 2024 progressed. He noted that while interest in real estate debt remained strong, individual investor circumstances influenced their ability to allocate capital, making fundraising efforts complex.
