Private debt captured a record 24.3% of real estate fundraising in 2024 - the highest share in seven years - though overall fundraising totals declined slightly for the first time since 2019. US firms dominated the rankings with Australian companies showing strong representation in the top 20. Madison Realty Capital secured the 17th place spot on the list, while European presence remained notably limited, with just two firms making significant appearances in the rankings.

PERE's Real Estate Debt 50 was published on May 1, 2025. There was no compensation paid by Madison Realty Capital to third parties for participation in the list.

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