Alternative lenders

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The mandate will establish an evergreen fund to invest in a wide variety of debt instruments including real estate debt.

Turbulence in financial markets, less activity among established players and consolidation of lending teams are factors in the fall, according to Paragon Search Partners.

The impact of the ECB’s monetary policy reversal, growing caution in the banking sector, and the importance of lending selectively were among the concerns at this year’s EXPO Real.

The investment manager’s latest fundraising drive follows the closing of €200m of loans to Blackstone from its third mezzanine debt fund.

The real estate lender is charging a 1.5% management fee, according to Arkansas pension fund documents.

The vehicle will primarily lend against PRS and student accommodation assets in Spain and the UK.

The pension fund, among others, is concerned about the additional risks managers in the strategy are taking in order to meet higher return targets.

Nest is targeting 5% of its £8bn in assets for private debt investments as it takes it first steps into private markets.

Non-bank lenders' growing interest in continental Europe has coincided with a drop in investment in the UK.