CapMan and Caerus launch new investment division

Nordic private asset firm CapMan is partnering with German real estate debt investment manager Caerus Debt Investments to launch a new investment division.

Caerus - Germany

CapMan will acquire a 51% stake in Caerus, leveraging Caerus's expertise in sourcing and managing real estate debt investments in the DACH and Benelux regions.
Caerus has raised €2.6 bn since 2014 and is currently managing €700 mln across seven active funds. CapMan, with €6.4 bn in assets under management, sees this partnership as a strategic move to expand its real asset offerings, aiming to reach €10 bn in assets under management.
CapMan Real Asset Debt will complement CapMan's existing real estate, infrastructure, and natural capital investment areas.
Pia Kåll, CEO of CapMan, said: "This is a significant step for CapMan that further strengthens our focus on real asset investments and expands our presence to Germany. Real asset debt is a natural addition to our existing offering and an area where we see increasing demand and investor interest."
Michael Morgenroth, founder and CEO of Caerus, added: "CapMan’s platform and strong presence in the Nordics, especially within real estate, provides us access to asset management resources and local market understanding that offer interesting expansion opportunities. At the same time, we can support CapMan’s investment teams with local knowledge of the DACH and Benelux regions.”
Upon the deal's completion, Michael Morgenroth will join CapMan's Management Group as the managing partner responsible for the new Real Asset Debt investment division.
The acquisition is anticipated to finalize in Q3 2025, pending the satisfaction of standard closing procedures.