PineBridge Investments has agreed to acquire Benson Elliot Capital Management, a London-based private equity real estate fund manager, in a move that will expand the New York City-based asset manager’s client offerings in alternatives. Financial details of the transaction were not disclosed.
Benson Elliot, founded in 2005, manages over US$3.5 billion of equity and holds a diversified portfolio currently comprised of office, retail, hotel and residential assets across Europe, including in the UK, Germany, France, Spain, Italy, Belgium and Poland. The firm has launched four European funds, the most recent of which, Benson Elliot Real Estate Partners V, closed in 2019 at 836 million euros (US$980.5 million).
Comments PineBridge CEO Greg Ehret: “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. 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.”
Marc Mogull, executive chairman and chief investment officer at Benson Elliot, says: “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 entire team of 40 professionals will join PineBridge, which currently manages over US$104 billion of assets around the world.
PineBridge was advised by Simmons & Simmons LLP and Perella Weinberg UK Limited. Benson Elliot was advised by Travers Smith and Berkshire Global Advisors.