CapMan Acquires Majority Stake in CAERUS to Launch Real Asset Debt Division

CapMan Acquires Majority Stake in CAERUS to Launch Real Asset Debt Division

(IN BRIEF) CapMan has agreed to acquire a 51 percent stake in German real estate debt manager CAERUS, creating a new CapMan Real Asset Debt division. CAERUS, founded in 2014, manages EUR 700 million across seven funds and employs 12 investment professionals focusing on the DACH and Benelux regions. CapMan brings EUR 6.4 billion under management and 200 staff across the Nordics, London, and Luxembourg. The partnership aligns with CapMan’s target to reach EUR 10 billion in assets under management by scaling existing real asset funds, launching new products, and pursuing strategic acquisitions. The combined expertise will enhance CapMan’s presence in continental Europe and offer institutional investors stable yields, risk mitigation, and diversified real-asset debt solutions. The transaction, expected to close in Q3 2025, will see CAERUS founder Michael Morgenroth join CapMan’s Management Group as Managing Partner for Real Asset Debt.

(PRESS RELEASE) HELSINKI, 20-Jun-2025 — /EuropaWire/ — CapMan Plc (“CapMan”) and CAERUS Debt Investments AG (“CAERUS”) have today finalized an agreement under which CapMan will acquire a 51 percent stake in CAERUS from its existing shareholders.

Established in 2014, CAERUS is a pioneer in managing real estate debt in Germany. Leveraging over a decade of market experience and a proven track record, the firm’s 12-strong investment team sources and structures bespoke debt financing solutions across virtually all property sectors in the DACH and Benelux regions. To date, CAERUS has raised EUR 2.6 billion through seven active funds, with roughly EUR 700 million currently under management.

CapMan, a premier Nordic private-asset specialist, oversees EUR 6.4 billion in assets spanning real estate, infrastructure, natural capital, and private equity. With 200 professionals operating from seven offices across the Nordics, London, and Luxembourg, CapMan Real Estate—its largest division—manages EUR 3.5 billion of value-add and specialized income mandates through a dedicated team of over 80 investment and asset-management experts.

This partnership will give rise to a new CapMan business line—CapMan Real Asset Debt—complementing its existing real estate, infrastructure, and natural capital offerings. The move aligns with CapMan’s ambition to grow its assets under management to EUR 10 billion by scaling real asset funds, launching innovative products, and pursuing targeted acquisitions.

The private real-asset debt market is mature, sizeable, and poised for growth—offering borrowers structured alternatives when traditional bank financing is constrained, and providing institutional investors with stable yields, downside protection, portfolio diversification, and attractive risk-adjusted returns.

Pia Kåll, CEO of CapMan, commented: “Securing this partnership with CAERUS marks a major milestone in expanding our real asset platform and establishing a footprint in Germany. We’re impressed by Michael Morgenroth and his team’s ability to generate consistent, sustainable returns, and we look forward to combining our strengths to meet growing investor demand for real asset debt.”

Michael Morgenroth, CAERUS founder and CEO, added: “We are delighted to join forces with CapMan. Their Nordic real estate expertise and broad platform will accelerate our expansion, while our deep local knowledge in DACH and Benelux enhances CapMan’s continental reach. Together, we’ll deliver superior solutions and broaden our service offerings for clients across Europe.”

Upon closing—anticipated in Q3 2025, subject to customary conditions—Michael Morgenroth will join CapMan’s Management Group as Managing Partner for the Real Asset Debt division.

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.4 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.

About CAERUS
CAERUS Debt Investments AG (CAERUS), founded in 2012 and based in Düsseldorf, is the leading independent provider of institutional real estate debt investments in continental Europe. CAERUS is one of the pioneers in the real estate debt market segment and finances real estate projects and transactions in continental Europe with a focus on the DACH region and the Benelux countries. As an investment advisor, CAERUS acts for Luxembourg-based multi-investor funds as well as for individual mandates and offers institutional investors attractive access to real estate debt investments, taking into account their specific regulatory requirements. To date, CAERUS has launched seven real estate debt funds, which have received around EUR 2.6 billion in capital commitments from institutional investors and financed a loan volume of around EUR 2.7 billion. The team’s extensive expertise and many years of experience in the areas of financing and real estate investment make CAERUS a reliable and trustworthy partner for institutional investors and borrowers alike. www.caerus.ag

Media Contact:

Charlotte Wessman
CapMan Head of Communications
+46 734 290832

SOURCE: CapMan