Global asset manager PineBridge Investments is buying European real estate fund manager Benson Elliot Capital Management.
The acquisition will give PineBridge, which manages $104bn (€87.3bn) in assets, including private-equity secondaries and private credit, an entry into the property asset class.
“Real estate is a strategically important asset class for institutional investors, such as pension funds and insurance companies, who are looking to meet their long-term investment objectives, especially during a period of low real interest rates,” said PineBridge CEO Greg Ehret.
“Benson Elliot’s industry-leading expertise in European real estate will complement and diversify our firm’s investment offering allowing us to best serve our global client base.”
Benson Elliot, established by chairman and CIO Marc Mogull in 2005, has launched four private-equity real estate funds over its lifetime, raising €836m for its latest vehicle last year.
Trish Barrigan, who co-founded the company and took over from Mogull as managing partner in 2018, passed away earlier this year after a battle with cancer.
“Some months ago the leadership team at Benson Elliot undertook a strategic review to explore how we could build on 15 years of success at Benson Elliot,” said Mogull.
”We wanted to ensure that our organisation would remain at the forefront of private equity real estate investing in a changing market environment. We’re pleased that this process has resulted in our joining forces with PineBridge.
“This partnership will enable us to put in place the infrastructure for future growth, to continue attracting and developing the best talent in the industry, and to sustain our track record of best-in-class performance.
“Importantly, it ensures continuity in our existing activities, respects the unique spirit and culture we’ve developed at Benson Elliot, and offers an exciting future for the Benson Elliot team.”
Following completion of the acquisition, Benson Elliot’s team of 40 professionals will join PineBridge.