PineBridge Investments has agreed to acquire UK-based Benson Elliot Capital Management, a private equity real estate fund manager. No financial terms were disclosed.
London and New York, 14th October 2020, PineBridge Investments (‘PineBridge’), a private, global asset manager focused on active, high-conviction investing, has reached an agreement to acquire Benson Elliot Capital Management (‘Benson Elliot’), a UK-based private equity real estate fund manager. Financial details of the transaction are not being disclosed and the transaction is subject to certain customary regulatory and other approvals.
Benson Elliot, which was 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. Since inception the firm has deployed a consistent asset driven, value add, risk sensitive and exit focused investment strategy. Benson Elliot has successfully launched four European funds, the most recent of which, Benson Elliot Real Estate Partners V, closed in 2019 at €836 million. The firm’s prior fund, Benson Elliot Real Estate Partners IV, has already realised over half of its invested capital.
“In our tenth year as an independent firm, this is a significant milestone in our growth and we are thrilled to welcome the Benson Elliot team to PineBridge,” said Greg Ehret, CEO of PineBridge, “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.”
The acquisition of Benson Elliot allows PineBridge to expand its client offerings in alternatives, adding new capabilities and investment vehicles to its successful private funds, structured capital and private credit businesses.
Marc Mogull, Executive Chairman and Chief Investment Officer at Benson Elliot, said, “Some months ago the leadership team at Benson Elliot undertook a strategic review to explore how we could build on fifteen years of success at Benson Elliot. We wanted to ensure that our organization 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 entire team of 40 professionals will join PineBridge.
PineBridge was advised by Simmons & Simmons LLP and Perella Weinberg UK Limited. Benson Elliot was advised by Travers Smith and Berkshire Global Advisors.
About PineBridge Investments
PineBridge Investments is a private, global asset manager focused on active, high-conviction investing. We draw on the collective power of our experts in each discipline, market, and region of the world through an open culture of collaboration designed to identify the best ideas. Our mission is to exceed clients’ expectations on every level, every day. As of 30 June 2020, the firm managed US$104.4 billion across global asset classes for investors around the world.
About Benson Elliot
Benson Elliot Capital Management LLP, founded in 2005, is a leading independent private equity real estate fund manager, with over US$3.5 billion of managed equity. The UK-based, FCA regulated firm has a pan-European investment platform and has transacted in the UK, Germany, France, Spain, Italy, Scandinavia, Belgium, Poland and Central Europe.
Benson Elliot holds a diversified real estate portfolio, currently comprised of office, retail, hotel and residential assets. The Benson Elliot team has experience in delivering superior risk-adjusted returns through active and innovative investment management, investing successfully through market cycles.