Real Estate Debt – Caravel Search

𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲 𝗗𝗲𝗯𝘁 & 𝗘𝗾𝘂𝗶𝘁𝘆 𝗛𝗶𝗿𝗶𝗻𝗴 | 𝟮𝟬𝟮𝟲

At this point in the year, we tend to have a lot of conversations with clients and candidates asking the same question: how are we seeing the market shape up for the year ahead? I can’t take every call, so a short summary of what we’re seeing on the ground felt useful. 𝗟𝗲𝗻𝗱𝗶𝗻𝗴 𝗹𝗲𝗮𝗱𝘀 𝘁𝗵𝗲… Continue reading 𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲 𝗗𝗲𝗯𝘁 & 𝗘𝗾𝘂𝗶𝘁𝘆 𝗛𝗶𝗿𝗶𝗻𝗴 | 𝟮𝟬𝟮𝟲

𝗪𝗵𝘆 𝗱𝗲𝗯𝘁 𝗵𝗶𝗿𝗶𝗻𝗴 𝗶𝘀 𝘀𝘁𝗶𝗹𝗹 𝗼𝘂𝘁𝗽𝗮𝗰𝗶𝗻𝗴 𝗲𝗾𝘂𝗶𝘁𝘆 𝗵𝗶𝗿𝗶𝗻𝗴 𝗶𝗻 𝟮𝟬𝟮𝟲 — 𝗮𝗻𝗱 𝘄𝗵𝘆 𝘁𝗵𝗲 𝗨𝗦 𝗮𝗻𝗱 𝗘𝘂𝗿𝗼𝗽𝗲 𝗮𝗿𝗲 “𝘀𝗮𝗺𝗲 𝘀𝗮𝗺𝗲, 𝗯𝘂𝘁 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁”

Despite muted transaction volumes, debt teams continue to hire while equity investors remain cautious. The reason is simple: 𝗱𝗲𝗯𝘁 𝗱𝗼𝗲𝘀𝗻’𝘁 𝗿𝗲𝗾𝘂𝗶𝗿𝗲 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝗹𝗲𝘃𝗲𝗹 𝗼𝗳 𝗽𝗿𝗶𝗰𝗲 𝗰𝗲𝗿𝘁𝗮𝗶𝗻𝘁𝘆 𝘁𝗵𝗮𝘁 𝗲𝗾𝘂𝗶𝘁𝘆 𝗱𝗼𝗲𝘀. That logic holds on both sides of the Atlantic — though it plays out slightly differently. 𝗘𝘂𝗿𝗼𝗽𝗲 & 𝘁𝗵𝗲 𝗨𝗞: 𝗵𝗶𝗿𝗶𝗻𝗴 𝗱𝗿𝗶𝘃𝗲𝗻 𝗯𝘆 𝗻𝗲𝗰𝗲𝘀𝘀𝗶𝘁𝘆 In… Continue reading 𝗪𝗵𝘆 𝗱𝗲𝗯𝘁 𝗵𝗶𝗿𝗶𝗻𝗴 𝗶𝘀 𝘀𝘁𝗶𝗹𝗹 𝗼𝘂𝘁𝗽𝗮𝗰𝗶𝗻𝗴 𝗲𝗾𝘂𝗶𝘁𝘆 𝗵𝗶𝗿𝗶𝗻𝗴 𝗶𝗻 𝟮𝟬𝟮𝟲 — 𝗮𝗻𝗱 𝘄𝗵𝘆 𝘁𝗵𝗲 𝗨𝗦 𝗮𝗻𝗱 𝗘𝘂𝗿𝗼𝗽𝗲 𝗮𝗿𝗲 “𝘀𝗮𝗺𝗲 𝘀𝗮𝗺𝗲, 𝗯𝘂𝘁 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁”

Insight: The European Debt Market’s Blind Spot — Restructuring Capability Becoming Increasingly Essential

Over the last decade, Europe’s real estate lending landscape has evolved quickly. Mainstream banks, private credit funds and challenger banks have all grown their lending franchises, often with strong underwriting discipline and well-managed risk frameworks. But the current cycle is bringing a new challenge that very few lenders — across the entire spectrum — have… Continue reading Insight: The European Debt Market’s Blind Spot — Restructuring Capability Becoming Increasingly Essential

Caravel North American Compensation Guide 2025

Executive Summary The 2025 compensation environment across Private Equity, Private Credit, and Real Estate investment management reflects moderate growth in base salaries, selective bonus recovery, and a recalibration of carried interest pools. Despite subdued deal flow in 2023–2024, hiring momentum in early 2025 indicates renewed optimism — particularly in middle-market private equity and value-add real… Continue reading Caravel North American Compensation Guide 2025

Carried Interest Guide for Real Estate Investment Professionals (Europe)

Carried interest – “carry” – is the piece of economics that turns a good real-estate investment job into genuine long-term wealth creation. In London and across Europe, carry is now a core part of compensation for investment professionals at private equity real estate funds, value-add/opportunistic managers and, increasingly, private credit platforms. But it is often… Continue reading Carried Interest Guide for Real Estate Investment Professionals (Europe)

Caravel Market Commentary: Hiring Trends in the European Real Estate Market (2025/26)

Clients often ask us the same question: “How’s the market? Who’s hiring? Who’s not?” It’s a fair question — but a deceptively broad one. Despite feeling “small” from the perspective of each participant, the European real estate market is vast. Research by McKinsey & Co shows that buildings and land make up roughly two-thirds of… Continue reading Caravel Market Commentary: Hiring Trends in the European Real Estate Market (2025/26)

The Shortage of High-Calibre Originators in Short-Term Lending (2025) Caravel – Market Commentary

One of the most persistent hiring challenges in UK real-estate finance today is the shortage of analytical, polished and institutionally trained originators within the bridging and short-term lending space. Demand for these professionals has grown exponentially over the last three years, driven by strong volumes in refurbishment, development exit, light development and specialist bridging products.… Continue reading The Shortage of High-Calibre Originators in Short-Term Lending (2025) Caravel – Market Commentary