Founded in 2008, Prime is a private commercial real estate credit platform with over $15 billion in AUM.
Ghost Tree is a California-based private credit investment firm providing senior secured, collateral-focused financing for lower middle-market companies.
The private debt specialist, which operates a dedicated secondaries strategy, has reportedly held talks with several international investors.
The GP staker will support the Australian property investor's growth across distribution, product development, and institutionalization.
The transaction, expected to close in Q4, will support the growth of AREP's investment and development platform, including its vertically integrated data center strategy.
The deal marks Reality Growth's second investment since launching earlier this year as a dedicated GP stakes platform.
The GP stakes deal is part of an expanded strategic partnership aimed at supporting the alternative asset manager's direct lending strategy.
The sale will be at a premium to NAV and marks the GP stakes specialist's tenth realization since 2024.
The Zenzic Real Estate Credit Opportunities Fund launched in October 2025 with an anchor investment from GCM Grosvenor.
The deal gave investors in Carlyle Credit Opportunities Fund II a liquidity option, while adding capital to support the media investment manager's growth.
