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The continued emergence of real estate credit as a private markets asset class has to this point been mostly a North American and European story, as non-bank lenders continue to expand their market share in both regions.

Far more nascent is private real estate credit in the Asia-Pacific region, but that is starting to change. Early movers in some of the region’s biggest real estate markets say it holds a potentially massive untapped opportunity.

“Asia has a huge share of global GDP. It has probably 70 percent of the growth of global GDP, but maybe about 1 percent or 2 percent of [the overall market for] private credit,” said Kishore Moorjani, CEO of alternatives in the private funds division of Singapore-based manager CapitaLand Investment (CLI).

Moorjani joined the podcast shortly after the launch of CLI’s third APAC real estate credit fund for a conversation with senior credit reporter Shihao Feng about why CLI is complementing its massive real estate equity with a credit sleeve, how it differs from more mature private credit markets in the US and Europe and the broader role that non-bank lending can play in both the real estate capital stack and institutional portfolios.

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- For the full podcast, visit PERE.

- For more on CapitaLand Investment's real estate private credit business, click here.