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Benchmarks · Real Estate Debt

Real Estate Debt / Mortgage Funds

Senior real-estate debt and mortgage origination funds. Lower target IRRs but tighter downside; pref rates often function as the primary investor return.

Sample11 funds11 with composite

Score · median across 11 scored funds

Composite
53
Absolute LP Take
88
GP Timing Risk
32
Pref Quality
58
Fee Drag
75
Alignment
22

Structural design — median

Pref rate
median
9.0%
n
3
Hurdle rate
median
n
0
LP residual split
median
0.0%
n
1
GP residual split
median
100.0%
n
1
Catch-up rate
median
n
0
GP commit
Undisclosed treated as 0% per platform policy.
median
0.0%
n
11

Feature prevalence — % of funds where present

Pref cumulative
33%
Pref compounding
0%
Has catch-up
0%
Has clawback
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