InforCapital
M&A Transaction•

CapMan acquires CAERUS, launches real asset debt arm - InforCapital

CapMan acquires 51% of Germany’s CAERUS and launches a new investment unit, CapMan Real Asset Debt, to expand real estate debt in Europe.

AM
Alvaro de la Maza

Partner at Aninver

Key Takeaways

  • Sector: Real Estate.
  • Geography: Germany.

Analysis

CapMan Plc has signed an agreement to acquire 51% of CAERUS Debt Investments AG, a German real estate debt manager, and will launch a new business line, CapMan Real Asset Debt, expanding its platform into private real estate lending across Europe.

Founded in 2014, CAERUS manages €700 million in assets across seven active funds, and has raised a total of €2.6 billion to date. The firm focuses on the DACH and Benelux regions, providing tailored real estate debt financing across asset classes through its team of 12 professionals.

The acquisition creates a new investment arm under CapMan, complementing its existing real estate, infrastructure and natural capital strategies. With €6.4 billion in assets under management, CapMan aims to grow to €10 billion by scaling real asset funds, launching new strategies and pursuing acquisitions.

“This move significantly strengthens our real asset platform and gives us access to a growing European private debt market,” said Pia Kåll, CEO of CapMan. “We’re excited to partner with CAERUS and expand our capabilities in Germany and beyond.”

Michael Morgenroth, CAERUS founder and CEO, will become Managing Partner of the new Real Asset Debt unit and join CapMan’s Management Group. He said the partnership allows CAERUS to tap into CapMan’s Nordic presence and asset management resources while contributing deep local expertise in continental Europe.

The deal is expected to close in Q3 2025, pending standard regulatory approvals.