U.S. Investor In Talks To Buy Top European Fund Manager
U.S. investment manager PineBridge Investments is in talks to buy a majority stake in Benson Elliot Capital Management, one of the best-known fund managers in UK and European property.
New York-based PineBridge, which has $96B of assets under management, but doesn’t have a significant presence in real estate, is in early stage discussions about taking a controlling interest in Benson Elliot, React News reported.
Benson Elliot is one of the few well-established European value-add and opportunity fund managers not to have been bought by a bigger firm in recent years. Internos, Brockton, Resolution and Europa Capital have all sold majority stakes in the past few years, and Tristan Capital sold a 40% stake in its business.
Benson Elliot was co-founded in 2005 by Executive Chairman and Chief Investment Officer Marc Mogull and Managing Partner Trish Barrigan. It invests across Europe and has a strong track record of raising capital and making good returns for its investors.
In March last year, it raised €800M of equity for its fifth fund, its biggest to date, with the equity raised in just six months.
It invests across asset classes in western Europe and Poland. In the UK last year, it sold the Station Hill development scheme in Reading to Lincoln, which will now build a major BTR scheme there.
PineBridge was previously AIG Investments, but was sold by the insurance giant in 2010 in its drive to raise capital.
Contact Mike Phillips at mike.phillips@bisnow.com.
