Global alternative investment manager Cheyne Capital has raised £3bn for its ninth real estate lending fund at final close.

The Cheyne Real Estate Credit Holdings (CRECH) IX – Capital Solutions fund has already deployed more than 50 per cent of its committed capital into loans in the sector, the firm said.

The ninth-vintage fund was first seeded in 2024 by a Middle Eastern sovereign wealth fund. Overall, Cheyne said the vehicle’s lending volume over the three years from 2023 to 2025 exceeded €6bn (£5.2bn).

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“The demand for scalable and reliable real estate financing solutions in Europe has never been more acute,” said Ravi Stickney, managing partner and chief investment officer of real estate at Cheyne Capital.

“The urgent need for our capital is evidenced by the speed with which CRECH IX and its adjacent vehicles are being deployed.”

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The vehicle is a mature fund with 73 underlying loans, of which 16 have already been realised. Geographically, the loans span the UK, Spain, France, Italy, Portugal, Ireland, Sweden and Belgium, Cheyne said.

The fund has lent to real estate sectors including hotels, offices, student accommodation, residential and mixed-use.

“European real estate debt markets have long suffered from a supply/demand imbalance, and we are witnessing a further retreat of capital provision in today’s longer-term inflationary and volatile environment,” added Stickney.

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