Principal Asset Management’s Rich Hill On REITs, CMBS and Private Credit
Why this matters
Capital markets activity continues to be defined by the rotation from bank balance sheets to non-bank lenders. Private credit funds have raised record dry powder; banks have tightened CRE underwriting standards for the sixth consecutive quarter. The result is a market where well-sponsored deals clear, and marginal credit pays a meaningful spread to do so. For LPs, the allocation conversation has shifted decisively toward real estate debt, with equity allocations being deployed more selectively into operator-led platforms.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed capital deal value tracked in August 2026: $33.8B across 46 reported transactions.
Computed from Real Estate Trail’s own tracked coverage
Rich Hill is senior managing director and global head of real estate strategy and research at Principal Asset Management , a firm that oversees $107 billion of global real estate investments across a mix of public and…
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