Michael Abel, who previously worked at private equity firm TPG, has set up a European real estate advisory business with Capital Constellation and Leucadia Asset Management as cornerstone investors.
Greykite Investment Adviser targets both asset and corporate-level transactions in “high-conviction and operationally intensive sectors” mainly in Western Europe, including opportunities emerging from special situations and market dislocation.
Abel, who acts as Greykite’s CEO, will oversee the firm’s strategy, fundraising and investment business, and will serve as chairman of the executive and investment committees.
Before founding Greykite, Abel was an equity partner at TPG, where he helped establish TPG Real Estate’s European arm and served as a member of TPG Real Estate’s investment committee and TPG Europe’s executive committee.
Former TPG colleague Dan Valenzano, a senior partner and member of the executive and investment committees, has joined Greykite to lead investment and portfolio company oversight activities.
Valenzano joins Greykite’s initial 10-person team, consisting of former TPG, Goldman Sachs, Morgan Stanley and Oaktree professionals.
Abel said the launch of Greykite and the support and confidence extended by Wafra’s Constellation and Leucadia “comes at a highly attractive point in the investment cycle, where we see elevated levels of uncertainty and dislocation, but brimming with opportunity”.
Abel added: “With a high-quality team, fully aligned with our partners in our collective ambition to build a differentiated investment business on a foundation of trust, transparency and performance, we look forward to connecting with market participants and potential partners and capitalising on our robust transaction pipeline.”
Valenzano said: “The establishment of Greykite is an exciting milestone for us to announce, and we are proud to be partnering with the teams at Constellation and Leucadia, who bring a wealth of experience investing in the alternative asset management space.
“I look forward to working with the exceptional group of professionals who have joined Greykite and deploying our distinctive investment strategy into the unique European market opportunity we see emerging through 2024 and beyond.”
Adel Alderbas, CIO of Wafra and president of Capital Constellation, said: “We believe that Michael, Dan and the rest of the Greykite team are uniquely positioned to capitalise on the attractive opportunity set at the intersection of private equity and real estate within Europe.
“We look forward to backing Greykite alongside Leucadia in building a successful and durable alternative asset investment business.”
Nick Daraviras and Sol Kumin, co-presidents of Leucadia Asset Management, said: “We are very excited to be working with Michael, Dan, and the Constellation team in the launch of this new firm. We feel European real estate offers tremendous opportunities for experienced investors such as Greykite.”
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