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Alternative Assets  + Private Debt  |  February 3, 2025
Heitman Secures $806M for Third Real Estate Debt Fund 
Joe Palmisano
By: Joe Palmisano

Heitman Secures $806M for Third Real Estate Debt Fund 

Heitman closed its third real estate debt fund, Heitman Real Estate Debt Partners III (HDP III), raising $806 million – exceeding its initial target by more than $200 million. 

HDP III’s strategy aims for returns between core-plus and value-add equity programs, leveraging capital market dislocations. The fund attracted both returning and new investors, including the Alaska Retirement Management Board ($75 million) and the State of Wisconsin Investment Board ($100 million). 

“As demand for flexible and reliable financing solutions grows, we believe the real estate debt market is well-positioned with attractive opportunities,” said Jon Lindell, EVP and portfolio manager for HDP III. 

Recent activity in the real estate debt sector includes Pretium’s launch of its first homebuilder finance fund with $550 million in equity commitments and Canyon Partners’ closing of Canyon US Real Estate Debt Fund III at $1.2 billion. 

Chicago-based Heitman manages $48 billion in total assets globally, with $5.5 billion allocated to its debt platform. 

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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