JPMorgan Asset Prefers Real Estate and PE to Direct Lending

Chief Strategist Santos sees commercial real estate turnaround
Private credit offers yield pickup, relationship with borrower

Private debt has swiftly ballooned to a $1.6 trillion asset class that could be much bigger when asset-based finance is included. — Private debt has swiftly ballooned to a $1.6 trillion asset class that could be much bigger when asset-based finance is included.
Photographer: Jeenah Moon/Bloomberg

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By James Crombie

December 5, 2024 at 4:02 PM EST

Private credit may be all the rage among investors, but there are better alternatives, according to JPMorgan Asset Management.

Amid signs of a turnaround in commercial real estate, opportunities exist in commercial mortgage-backed securities, non-traded real estate investment trusts and direct investment vehicles, said Gabriela Santos, the $3.3 trillion asset manager’s chief market strategist for the Americas.