PineBridge Investments has reached an agreement to acquire Benson Elliot Capital Management, 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 c.€3bn (US$3.5bn) 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 €836m. 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.