The financing of real estate projects in Germany is changing: Increasing regulatory requirements, higher financing costs and significantly more restrictive lending by banks and savings banks are substantially changing the market. Against this background, Pegasus Capital Partners (Pegasus) publishes the Private Debt Report 2026. The digital dossier brings together assessments by leading experts from the fields of financing, capital markets, science, project development and law and, in view of current market developments, highlights the growing importance of alternative forms of financing for the real estate industry.
The Private Debt Report sees itself as a compact picture of the mood of a market that is changing successively but fundamentally. The focus is on issues relating to private debt, mezzanine capital, whole-loan structures and the future role of traditional bank financing. In addition to the classification by Pegasus, various external industry experts have their say, bringing different perspectives on financing solutions, market developments and regulatory frameworks.
The authors include representatives of Aalto Capital AG, BRAWO Real Estate, AVW Immobilien AG, Donner & Reuschel, Frankfurt School of Finance, JP Beteiligungsgesellschaft, Neuwirth Finance as well as THEOPARK Attorneys at Law and Tax Advisors. The articles show that alternative financing instruments have long since ceased to be a purely niche topic, but are increasingly becoming an integral part of modern real estate financing.
“The demand for financing solutions continues unabated. At the same time, the supply remains limited due to regulatory requirements and the experience of recent years. This makes international investors and alternative forms of financing all the more important, as they can help to revive the real estate financing market step by step,” says Martin Führlein, CEO of Pegasus Capital Partners.
The Private Debt Report 2026 is aimed at investors, project developers, institutional investors, banks and other players in the real estate and financing industry.
The report is now available for download free of charge at Private Debt Report 2026 .
