Carlyle acquires Metropolitan Real Estate Equity Management
Alternative asset manager The Carlyle Group has closed its acquisition of Metropolitan Real Estate Equity Management, a real estate multi-manager with more than USD2.6bn in capital commitments.
Equity for the transaction came from Carlyle’s balance sheet. Financial terms were not released.
Metropolitan is now part of Carlyle’s Solutions platform, which also includes AlpInvest, the USD48bn private equity fund of funds business, bringing Solutions AUM to USD50.6bn. Metropolitan’s management team, led by David Sherman, remains in place. In addition to his role as co-chief investment officer, Sherman is now head of real estate within the Solutions platform. Sherman and his team will continue to run the Metropolitan investment committee and to make all investment decisions.
Jacques Chappuis, Carlyle managing director and head of the Solutions group, says: “Metropolitan is a proven performer with seasoned management. Their addition to our Solutions platform strengthens our ability to serve the evolving and complex needs of our investors. We are pleased to welcome David Sherman and his team to Carlyle.”
Sherman says: “We look forward to this new chapter for Metropolitan. Carlyle’s global scale, collaborative approach and investor support services will bolster our ability to serve our fund investors.”