CapMan and CAERUS: A Strategic Partnership in Real Asset Debt
June 19, 2025, 6:11 pm
In a significant move for the investment landscape, CapMan Plc has acquired a 51% stake in CAERUS Debt Investments AG, marking the launch of a new investment area: CapMan Real Asset Debt. This partnership, announced on June 19, 2025, signals a strategic expansion for CapMan into the German market, enhancing its portfolio and reinforcing its commitment to real asset investments.
CapMan, a Nordic private asset expert, boasts €6.4 billion in assets under management. Its expertise spans real estate, infrastructure, natural capital, and private equity. The acquisition of CAERUS, a pioneer in real estate debt investments in Germany, aligns perfectly with CapMan’s growth strategy. The new investment area will complement existing sectors, including real estate and infrastructure, and aims to bolster CapMan’s goal of reaching €10 billion in assets under management.
CAERUS, founded in 2012, has established itself as a leader in the real estate debt market. With a focus on the DACH (Germany, Austria, Switzerland) and Benelux regions, CAERUS has raised €2.6 billion since its inception. The firm manages seven active funds, with approximately €700 million in assets under management. Its team of 12 investment professionals excels in sourcing and selecting lucrative investment opportunities for institutional investors.
The partnership is not just about numbers; it’s about synergy. CapMan’s CEO, Pia Kåll, expressed enthusiasm for CAERUS’s track record and entrepreneurial spirit. The collaboration promises to enhance CapMan’s presence in Germany while providing CAERUS with access to CapMan’s extensive resources and market understanding in the Nordics.
The real estate debt market is a robust and growing sector. It offers competitive solutions for borrowers, especially in situations where traditional bank financing is limited. For institutional investors, this asset class presents stable yields, downside protection, and diversification. The appeal is clear: real asset debt is a safe harbor in turbulent financial waters.
The acquisition will have a positive impact on CapMan’s fee income and profit in 2025. The transaction is structured with an upfront consideration of €4 million, along with a potential earn-out of up to €2.6 million, contingent on CAERUS meeting specific operational targets in 2026. This strategic financial arrangement underscores CapMan’s commitment to sustainable growth and value creation.
Michael Morgenroth, founder and CEO of CAERUS, will retain a 49% stake through his holding company and will join CapMan’s Management Group as Managing Partner for the Real Asset Debt investment area. This leadership transition highlights the importance of continuity and expertise in navigating the complexities of the real estate debt market.
The timing of this acquisition is noteworthy. As the global economy faces uncertainties, the demand for private real estate debt is on the rise. Institutional investors are increasingly seeking alternative investment avenues that offer stability and attractive risk-adjusted returns. CapMan’s entry into this market is a timely response to evolving investor needs.
The partnership also opens doors for innovation. By pooling resources and expertise, CapMan and CAERUS can explore new product offerings and investment strategies. This collaborative approach is essential in a competitive landscape where adaptability is key.
CapMan’s commitment to sustainability further enhances its appeal. The firm has set ambitious greenhouse gas reduction targets, aligning with global climate initiatives. This focus on environmental responsibility resonates with today’s investors, who are increasingly prioritizing sustainable investment practices.
As the acquisition progresses, CapMan is poised to leverage CAERUS’s local market knowledge and established relationships. This strategic advantage will facilitate smoother operations and enhance the firm’s ability to identify and capitalize on emerging opportunities in the DACH and Benelux regions.
In conclusion, the partnership between CapMan and CAERUS marks a pivotal moment in the investment world. It combines expertise, resources, and a shared vision for growth. As CapMan embarks on this new journey in real asset debt, the potential for innovation and success is vast. The collaboration not only strengthens CapMan’s portfolio but also positions it as a formidable player in the European investment landscape. With a focus on sustainable growth and a commitment to delivering value, CapMan and CAERUS are set to navigate the complexities of the real estate debt market with confidence and expertise.
CapMan, a Nordic private asset expert, boasts €6.4 billion in assets under management. Its expertise spans real estate, infrastructure, natural capital, and private equity. The acquisition of CAERUS, a pioneer in real estate debt investments in Germany, aligns perfectly with CapMan’s growth strategy. The new investment area will complement existing sectors, including real estate and infrastructure, and aims to bolster CapMan’s goal of reaching €10 billion in assets under management.
CAERUS, founded in 2012, has established itself as a leader in the real estate debt market. With a focus on the DACH (Germany, Austria, Switzerland) and Benelux regions, CAERUS has raised €2.6 billion since its inception. The firm manages seven active funds, with approximately €700 million in assets under management. Its team of 12 investment professionals excels in sourcing and selecting lucrative investment opportunities for institutional investors.
The partnership is not just about numbers; it’s about synergy. CapMan’s CEO, Pia Kåll, expressed enthusiasm for CAERUS’s track record and entrepreneurial spirit. The collaboration promises to enhance CapMan’s presence in Germany while providing CAERUS with access to CapMan’s extensive resources and market understanding in the Nordics.
The real estate debt market is a robust and growing sector. It offers competitive solutions for borrowers, especially in situations where traditional bank financing is limited. For institutional investors, this asset class presents stable yields, downside protection, and diversification. The appeal is clear: real asset debt is a safe harbor in turbulent financial waters.
The acquisition will have a positive impact on CapMan’s fee income and profit in 2025. The transaction is structured with an upfront consideration of €4 million, along with a potential earn-out of up to €2.6 million, contingent on CAERUS meeting specific operational targets in 2026. This strategic financial arrangement underscores CapMan’s commitment to sustainable growth and value creation.
Michael Morgenroth, founder and CEO of CAERUS, will retain a 49% stake through his holding company and will join CapMan’s Management Group as Managing Partner for the Real Asset Debt investment area. This leadership transition highlights the importance of continuity and expertise in navigating the complexities of the real estate debt market.
The timing of this acquisition is noteworthy. As the global economy faces uncertainties, the demand for private real estate debt is on the rise. Institutional investors are increasingly seeking alternative investment avenues that offer stability and attractive risk-adjusted returns. CapMan’s entry into this market is a timely response to evolving investor needs.
The partnership also opens doors for innovation. By pooling resources and expertise, CapMan and CAERUS can explore new product offerings and investment strategies. This collaborative approach is essential in a competitive landscape where adaptability is key.
CapMan’s commitment to sustainability further enhances its appeal. The firm has set ambitious greenhouse gas reduction targets, aligning with global climate initiatives. This focus on environmental responsibility resonates with today’s investors, who are increasingly prioritizing sustainable investment practices.
As the acquisition progresses, CapMan is poised to leverage CAERUS’s local market knowledge and established relationships. This strategic advantage will facilitate smoother operations and enhance the firm’s ability to identify and capitalize on emerging opportunities in the DACH and Benelux regions.
In conclusion, the partnership between CapMan and CAERUS marks a pivotal moment in the investment world. It combines expertise, resources, and a shared vision for growth. As CapMan embarks on this new journey in real asset debt, the potential for innovation and success is vast. The collaboration not only strengthens CapMan’s portfolio but also positions it as a formidable player in the European investment landscape. With a focus on sustainable growth and a commitment to delivering value, CapMan and CAERUS are set to navigate the complexities of the real estate debt market with confidence and expertise.