Global alternative asset manager The Carlyle Group has closed its acquisition of Metropolitan Real Estate Equity Management, a global real estate multi-manager with more than US$2.6 billion 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 US$48 billion private equity fund of funds business, bringing Solutions AUM to US$50.6 billion. Metropolitan’s management team, led by David Sherman, remains in place. In addition to his role as Co-Chief Investment Officer, Mr. Sherman is now Head of Real Estate within the Solutions platform. Mr. Sherman and his team will continue to run the Metropolitan investment committee and to make all investment decisions.
Jacques Chappuis, managing director and head of the solutions group, Carlyle, said: "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."
David Sherman, president and co-CIO of Metropolitan, said, "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."