CapMan acquires stake in CAERUS to launch real asset debt investment platform

CapMan Plc has entered into a strategic partnership with CAERUS Debt Investments AG by acquiring a 51% stake in the German real estate debt manager. The move marks the launch of CapMan’s new investment area, CapMan Real Asset Debt, as part of its broader focus on expanding real asset investment strategies.

Founded in 2014, CAERUS is a specialist in private real estate debt with a strong presence in Germany and the wider DACH and Benelux regions. The firm has raised €2.6 billion to date and currently manages around €700 million in assets across seven active funds. Its 12-member investment team structures tailored financing solutions across a broad range of real estate segments, often in cases where traditional bank financing is limited.

CapMan, a Nordic private asset management firm with €6.4 billion in assets under management, aims to reach €10 billion through growth across its real estate, infrastructure, and natural capital platforms. The addition of Real Asset Debt complements CapMan’s portfolio and aligns with its strategy of launching new products and entering new markets. CapMan’s real estate division alone manages €3.5 billion and includes over 80 professionals across multiple markets.

The private real estate debt sector continues to grow as borrowers seek alternative financing options and institutional investors look for stable, risk-adjusted returns. Through this acquisition, CapMan gains a foothold in the German market while CAERUS benefits from CapMan’s broader platform and Nordic asset management capabilities.

CapMan CEO Pia Kåll highlighted the strategic value of the partnership: “This is a significant step that strengthens our real asset platform and opens up new opportunities in Germany. CAERUS’ track record and entrepreneurial spirit align well with CapMan’s values and ambitions.”

Michael Morgenroth, founder and CEO of CAERUS, added: “We are excited to join forces with CapMan. Their presence in the Nordics and our expertise in DACH and Benelux will allow us to grow together and provide clients with stronger market access.”

Upon completion of the deal, expected in Q3 2025 pending standard closing conditions, Morgenroth will join CapMan’s Management Group as Managing Partner of the new Real Asset Debt division.

Photo: Michael Morgenroth, founder and CEO of CAERUS