Global alternative asset manager The Carlyle Group (NASDAQ: CG) today
announced that it has agreed to buy Metropolitan Real Estate Equity
Management, LLC, a global manager of real estate funds of funds with
more than $2.6 billion in capital commitments. Equity for the
transaction will come from Carlyle’s balance sheet. Financial terms were
not released. The transaction, subject to Metropolitan’s investors’
consent, is expected to close in November 2013.
Jacques Chappuis, Carlyle Managing Director and Head of the Solutions
group, said, “Metropolitan is a proven multi-manager in global real
estate. This adds an important capability to our growing Solutions
business, strengthens our intellectual capital in global real estate,
and immediately contributes to our corporate bottom line. David Sherman
is a highly respected investor and we are excited to welcome him and the
Metropolitan team to Carlyle.”
David Sherman, President and Co-Chief Investment Officer of
Metropolitan, said, “Carlyle’s global scope and resources will better
enable us to deliver the products and services that our investors
demand. This acquisition is a validation of our model and our growth
plans.”
Established in 2002 and based in New York City, Metropolitan is one of
the largest managers of indirect investments in global real estate.
Since inception, Metropolitan has raised more than $2.6 billion across
16 commingled funds of funds with investments in 80+ managers. Its 180+
real estate fund investments include new partnerships, secondary
interests and co-investments – in the U.S., Europe, Asia and Latin
America.
Metropolitan’s strategy is principally focused on value
add/opportunistic real estate investments, and specifically on more than
1,000 highly focused, specialist real estate managers across the globe.
The firm has 40 employees with five offices in the U.S., Europe and Asia.
Metropolitan will become part of Carlyle’s Solutions platform, which
also includes AlpInvest, the $48 billion private equity fund of funds
operation. Metropolitan’s current management team, led by David Sherman,
will remain in place. In addition to his role as Co-Chief Investment
Officer, Mr. Sherman will also become Head of Real Estate within the
Solutions platform. Mr. Sherman and his team will continue to run the
investment committee and make all investment decisions.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager
with $180 billion of assets under management across 118 funds and 81
fund of funds vehicles as of June 30, 2013. Carlyle's purpose is to
invest wisely and create value on behalf of its investors, many of whom
are public pensions. Carlyle invests across four segments – Corporate
Private Equity, Real Assets, Global Market Strategies and Global
Solutions – in Africa, Asia, Australia, Europe, the Middle East, North
America and South America. Carlyle has expertise in various industries,
including: aerospace, defense & government services, consumer & retail,
energy, financial services, healthcare, industrial, technology &
business services, telecommunications & media and transportation. The
Carlyle Group employs more than 1,400 people in 34 offices across six
continents.
Web: www.carlyle.com
Videos:
www.youtube.com/onecarlyle
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www.twitter.com/onecarlyle
Podcasts:
www.carlyle.com/about-carlyle/market-commentary/481
About Metropolitan Real Estate Equity Management
Founded in 2002, Metropolitan Real Estate Equity Management is a
privately owned, registered investment advisor with more than $2.6
billion in capital commitments across 22 partnerships (16 funds of funds
and six feeder funds), representing a wide range of clients, including
institutional investors, endowments and foundations and high net worth
investors. Metropolitan constructs and manages vintage year U.S.,
non-U.S., global and custom portfolios, with a focus on private,
indirect investments in value-add and opportunistic real estate. The
firm’s investment team is comprised of nine senior members with more
than 200 years of combined experience. Metropolitan has offices in New
York, San Francisco, Boston, London, and Hong Kong.
Web: http://mreem.com/
Copyright Business Wire 2013