Barings has acquired Artemis Real Estate Partners to boost its position in the US real estate market.
Artemis is based in Washington DC and makes equity and debt investments across a range of real estate products in the US, both directly and with joint venture operating partners. It has $11bn (£8.7bn) of assets under management.
Barings’ global real estate platform has more than $50bn in assets under management, including its $28bn commercial real estate debt business.
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Barings said that the acquisition would combine the firms’ complementary investment capabilities and expertise.
The financial terms of the deal were not disclosed.
“We believe that Artemis’ team and capabilities will be transformative to our US real estate equity business, enabling us to together accelerate our growth and take advantage of the market opportunity for the benefit of our investors,” said John Ockerbloom, Barings’ head of US and European real estate. “With Artemis, a Barings company, as a key component of our platform, we will further enhance our ability to seek out and unlock relative value across the risk spectrum and deliver the best outcomes for investors.”
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Eric Partlan, chief investment officer of Barings’ parent company MassMutual, said: “We believe this strategic acquisition will not only enhance Barings’ US real estate equity capabilities, but also provide MassMutual with additional investment opportunities in new, diversified assets within our general investment account, ultimately helping to maximise the value we deliver to our policyowners.”
The deal is expected to close in the first quarter of 2025.
Dechert served as legal counsel to Barings. Berkshire Global Advisors served as financial advisor to Artemis, with Paul Hastings acting as legal counsel.
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