Lending Where the Banks Won’t Go: What’s Fueling Europe’s Growing Real Estate Private Credit Market?

Learn more about the Fundrise Income Fund here: fundrise.com/mm

In this episode of Other People's Money, Thomas Lloyd-Jones, Co-founder and CIO of Zenzic Capital, joins the show to unpack the nuances of the real estate private credit market. He explains how the media often conflates direct lending with the broader asset class, overlooking real estate and asset-backed lending. Lloyd-Jones details how increasing banking regulations are forcing traditional lenders to retreat, creating a widening gap for opportunistic credit funds to step in.

This podcast is for informational purposes only and not an inducement to invest with Zenzic Capital. Zenzic Capital’s investment products are limited to professional clients only. The information within this podcast should not be relied upon as tax, legal or investment advice.

Learn more about Zenzic Capital: zenziccapital.com

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Timestamps:

00:00 Intro

01:52 Private Credit Breakdown

03:32 BDCs And Redemptions

06:35 Allocation Failure Debate

08:47 Regulation and Fragmentation

12:07 Basel III Shift

14:10 Fundrise Income Fund

15:10 Systemic Risk and Leverage

17:36 Banks’ Retreat is Opportunity

20:56 Good vs. Bad Risk Premia

24:39 Senior Finance

28:44 Downside Protection and Spotting Bad Deals

37:48 Macro Matters for Exits

40:13 Finding Fixable Distress

43:22 Geopolitics and Rate Shock

47:01 Preferred Equity Playbook

51:49 When Development Risk Pays

54:52 Student Housing Reality Check

59:40 Macro Allocation Framework

01:01:59 Conclusion