The Carlyle Group to Purchase Metropolitan Real Estate Equity Management
September 25 2013 - 7:00AM
Business Wire
Joins AlpInvest in Carlyleâs Growing Solutions
Platform
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 Carlyleâs balance sheet.
Financial terms were not released. The transaction, subject to
Metropolitanâs investorsâ consent, is expected to close in
November 2013.
Jacques Chappuis, Carlyle Managing Director and Head of the
Solutions group, said, âMetropolitan 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.â
David Sherman, President and Co-Chief Investment Officer of
Metropolitan, said, âCarlyleâs 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.â
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 â in the
U.S., Europe, Asia and Latin America.
Metropolitanâs 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 Carlyleâs Solutions platform,
which also includes AlpInvest, the $48 billion private equity fund
of funds operation. Metropolitanâs 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 â Corporate Private Equity, Real Assets, Global
Market Strategies and Global Solutions â 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.comVideos: www.youtube.com/onecarlyleTweets:
www.twitter.com/onecarlylePodcasts:
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 firmâs 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/
The Carlyle GroupElizabeth Gill,
+1-202-729-5385Elizabeth.gill@carlyle.com
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