due to history, regulation and capital market depth. In the US, alternative lenders have long complemented banks, supported by deep capital markets and a mature fund ecosystem. Asia Pacific remains more securitised, with property funds. Europe historically sat between these financial crisis (GFC). Before 2009, European real estate lending was bank-dominated. As today's market. Limited partners increasingly banks retrenched post-GFC, Europe adopted prefer fewer, broader relationships, enabling cross-sell products across their networks. Large dedicated real estate debt funds emerged, initially acquiring non-performing loans. This was making them particularly attractive for sizable, specialised by geography or asset class. cross-border transactions. Meanwhile, early- amid a challenging fundraising environment, fertile ground for debt funds, and the European market is maturing further. While banks typically due to regulatory requirements, debt funds have moved into the 65-85 percent range, competing than price. One European banker sees the higher-risk financings for yield, traditional banks Back leverage, for example, layers fund- or
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