All Debt Markets articles
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White papersWhere Conviction Meets Selection: Finding Value in a Market of Diverging Real Estate Outcomes
A perspective on why investment selection, not broad sector exposure, may define the next phase of alternative real estate investing.
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White papersWhy Real Estate Debt & Why Now?
Commercial mortgages offer similar benefits as private debt along with the security and optionality of real estate equity. Amid a wave of refinancing needs and lower bank activity, non-bank lenders are finding stronger structures and better pricing opportunities.
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White papersRiding the wave up with European levered debt
The bottom of the cycle, when capital values have rebased and market recovery is evident, can be the best time to enter the real estate market as an investor. This is particularly the case for direct investors.
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White papersPositioning portfolios for higher long-term interest rates
Whether long-term interest rates will remain above their post pandemic high is an open question. The 10-year Treasury rate hit highs of 4.98% in October 2023 and 4.77% in January 2025. For those concerned about duration exposures and the valuation impact of higher rates on financial assets in general, real estate credit may offer a useful tool for managing this exposure.
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White papersDispelling the myths of infrastructure debt
Investors have historically turned to infrastructure as a resilient private markets asset class. Many institutional investors focus on the equity side of the capital structure to generate yield with potential upside but often overlook the debt side.
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White papersU.S. Real Estate: Powering Through Uncertainty with Caution
Real estate fundamentals strengthened in the second quarter as resilient demand and lower levels of new supply outweighed headwinds from economic uncertainty, slower demographic growth and resource constraints.
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White papersWhat a 5% 10-year Treasury means for commercial real estate
As the 10-year Treasury pushes toward 4.75% for the first time since January 2025, investors are asking what it means for U.S. commercial real estate (CRE). Importantly, the reason rates are rising matters as much as the level. What began as an orderly move in real rates and term premium is now giving way to something less benign - rising inflation expectations and a bond market that’s testing the Fed’s resolve. A 10-year yield near 5% raises the bar for CRE, but it sharpens our thesis rather than breaks it: net operating income (NOI) growth and selectivity are what will likely separate winners from the rest.
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White papersIndustrial outdoor storage moves toward the institutional inner circle
Private real estate credit managers seeking to diversify their investments in alternative sectors are primed for more in the industrial sub-category.
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White papersFrom Repricing to Relevance
Commercial real estate is entering a new phase. Artificial intelligence and geopolitical volatility are reshaping how physical space is used and valued.
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White papersNew Infrastructure Debt Era Takes Shape
In this Q&A with Infrastructure Investor, Pieter Welman discusses the resilience of infrastructure debt and the factors driving increased investor demand and market evolution.
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White papersInfra Debt’s Paradigm Shift
Infrastructure debt is entering a new phase of growth, shaped by structural mega-trends and evolving energy needs, as discussed in this Private Debt Investor Q&A with Pieter Welman.
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Asset Manager NewsDeA Capital Real Estate: new €280 million financing agreement for the fund with Fort Partners which will bring Four Seasons Hotel to Rome
Rome, Milan, 20 July 2026. DeA Capital Real Estate announces the completion of the refinancing transaction for Millennium Luxury Fund, the real estate Alternative Investment Fund subscribed by Fort Partners which is its main investor.
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White papersPrivate credit is not one market: why European allocators need a more precise lens
Private credit has moved from a niche allocation to a structural component of European institutional portfolios. Over the past 15 years, the global market has more than tripled in size, far outpacing the growth of the public credit universe.
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White papersWhere differentiation still drives returns
European mid-market real estate lending is no longer an immature or lightly competed market. It is well developed, highly intermediated and, in some respects, mature.
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White papersMomentum Fractures Across Markets
After years of gradual recovery, Asia Pacific real estate entered 2026 in better shape than it had been in years. That progress is now at risk.
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White papersStable income from backbone assets: An institutional investor’s introduction to infrastructure debt
Infrastructure means backbone assets that help the modern world function. Typically, these assets are physical facilities, networks, or systems. The common link across all the different types of infrastructure is that they enable economic, social, and operational function…
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White papersThe evolution of infrastructure debt
Infrastructure debt has evolved beyond traditional senior lending, creating a broader opportunity set for both borrowers seeking flexible capital solutions and investors seeking resilient portfolio income.
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White papersBeyond the pitch: private capital funds sports infrastructure and operations
The FIFA World Cup is underway, but the action for institutional investors is in the financing that underpins modern sports.
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White papersThe state of commercial real estate
This article draws on insights from our Commercial Real Estate Debt Advisory Group, which brings together senior Wellington investors and strategists with 300+ years of combined experience across public equity, public credit, private credit, structured credit, and macro research.
