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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.

VintageAll years2020+2015–20192010–2014Pre-2010Showing 10 funds in this cohort
Sample10 funds1 with composite· 2015–2019Below 25-fund threshold — read with caution

Score · median across 1 scored fund

Composite
58
Absolute LP Take
100
GP Timing Risk
18
Pref Quality
55
Fee Drag
25
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
10

Feature prevalence — % of funds where present

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