PineBridge Investments to Buy Benson Elliot Capital Management
Posted on 10/14/2020
PineBridge Investments reached an agreement to acquire Benson Elliot Capital Management LLP, a U.K.-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. Following completion of the acquisition, Benson Elliot’s entire team of 40 professionals will join PineBridge.
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. 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 realized over half of its invested capital. Benson Elliot reported 23,319,778 GBP in revenue for fiscal year 2019, according to a company report. Profit for the period was 6,638,842 GBP.
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.
PineBridge was advised by Simmons & Simmons LLP and Perella Weinberg UK Limited. Benson Elliot was advised by Travers Smith and Berkshire Global Advisors.