Private Debt

Experts advise: Actively shape the real estate market in 2026 – identify opportunities, embrace change, sharpen strategies

Geopolitical tensions, technological developments and regulatory requirements have changed the rules of the game in real estate markets. The resilience of actors and their strategies is more important than ever in the face of structural and political changes.

Private equity and private credit: A recovery and a party?

In private equity, we’ve observed a lack of valuation correction and concentrated growth. Meanwhile, private credit is defined by softening yield and tight spreads, meaning asset selection will be key in 2026.

What’s next for Private Markets?

Market conditions over 2025 have largely been benign. Moderating inflation, lower policy rates, robust economic growth in the US and supportive fiscal policy in Europe helped private market asset classes deliver positive performance over the first half of 2025.

Collier’s “Outlook 2026” – a year of opportunity in an early-cycle environment

2026 will be a year of opportunities for the German real estate industry, characterized by a recovery of the economy and stabilization of the market. Private investors and international interest are shaping the transaction activity, while ESG-compliant space is in high demand.

Emerald Advisory Wins Credit Management Mandate for Marshall Bridge Fund

Emerald Advisory takes over the German support and operational management of selected credit exposures for the Luxembourg fund

Co-location BESS for Wind and Solar: Economic Analysis and Financing Solutions

Battery Energy Storage Systems (BESS) are positioned to play a crucial role in pursuit of a carbon-neutral economy and ambitious renewable energy goals

Commercial real estate financing: Average loan volumes are getting smaller

Loan volumes in commercial real estate financing have become smaller in the last ten years. Almost half of those surveyed state that the average loan volume is less than 10 million euros.

Whole loans are an important financing component to ensure the feasibility of many projects

The market for alternative real estate financing remains challenging, but the mood is brightening. The financing environment has stabilised slightly compared to the previous year, and the new reality of high interest rates has reached market players.

Why the new ESMA rules do not slow down open-ended credit funds, but enable them

At first glance, ESMA's new Regulatory Technical Standards seem technical, detailed and difficult to digest. But if you take a closer look, you will see that these rules are not a stumbling block, but an architecture of enablement.

Commercial real estate financing: Loan-to-values fall by almost ten percentage points in ten years

Loan-to-values (LTVs) in commercial real estate financing have fallen by around ten percentage points over the past ten years. This was the result of a special evaluation by the BF. Quarterly Barometer. The loan-to-value ratio sets the loan amount in relation to the market value.

Is ‘timing the market’ applicable for private markets?

Private markets are built for the long haul, yet recent market shifts are prompting investors to reassess their timing. With rising interest rates affecting valuations and slowing capital flows, is this turbulence a chance to enter at a more favorable point?

Alternative Real Estate Debt: A Strategic Window in Europe’s New Cycle

For institutions seeking yield enhancement with downside protection, this cycle offers the optimal entry point into European real estate debt strategies.

Commercial real estate financing in the age of uncertainty – the results of the German Debt Project 2025

This year's report on commercial real estate financing, the German Debt Project, makes it clear that 2025 will not bring a sudden turn for the better, but a gradual revival, albeit unevenly strong according to market segments.

Generative AI in data centres part 3: How GenAI shapes AI sovereignty and data centre investment

In this final instalment, we consider how capital flows for data centre investment are shaped by AI sovereignty and geopolitics, and how the evolution of GenAI will increase their impact.

Generative AI in data centres part 2: The evolution of GenAI and data centre investment implications

Private Debt Sustainable Barometer by NewVest and Tikehau Capital

The Private Debt Sustainable Barometer (“Barometer”) offers a snapshot of how ESG dynamics are currently integrated by some of the largest private debt funds globally.

Back leverage – an underestimated financing instrument in Germany

Although back leverage is still a relatively new concept in commercial real estate financing, it has already established itself as a staple in some markets. US and British investors in particular use this instrument to manage capital structures more flexibly and thus achieve double-digit target returns. In their investment decisions, they are strongly oriented towards real estate cycles and have no reservations about complex financing structures.

Top-down or bottom-up?

Different approaches can be taken when selecting managers and investment products and constructing multi-manager portfolios. We will now discuss what the practical differences are and why they play a role for us.

Navigating the Private Markets landscape in 2025 (so far)

Like other asset classes, Private Markets have had to navigate a 2025 strewn with macro uncertainty. Here, we look at assets we believe are screening positively in the current environment, while asking what needs to change to bolster other sub-sectors.

Deglobalisation 2.0: Infrastructure

While the infrastructure sector is large and diverse, we’ve chosen to focus our last blog of this series on the digital sector where the long-term scale of asset creation is likely to be especially large and the implications of deglobalisation may be particularly relevant.

Digitalisation and European Debt Investing

As global megatrends around urbanisation and digitalisation accelerate, real estate markets are being reshaped in ways that present compelling opportunities for alternative lenders.

Role of Mezzanine Debt in Real Asset Financing: Introduction, European Market, and Impact of Interest Rates

Mezzanine debt plays a crucial role in real asset financing, being particularly useful in large-scale real estate developments, infrastructure projects, and energy assets, where capital requirements exceed the limits of senior lenders but where owners prefer to limit equity dilution.

Real Estate Debt: Market Observations on the Structuring of Whole Loans in Europe

The financing landscape in the real estate debt sector has undergone a profound change in recent years. Understanding the complexity of loan structuring is critical to successfully navigating this dynamic environment.

BESS in Germany 2025 and Beyond: Use Cases, Business Models and Financing Considerations