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Carlyle Expands Scope With Metropolitan Buy

WASHINGTON, DC—The Carlyle Group is expanding into the fund-of-funds business with its acquisition of Metropolitan Real Estate Equity Management LLC.

By Sule Aygoren | Updated on September 25, 2013

WASHINGTON, DC—Global alternative asset manager Carlyle Group is expanding into the fund-of-funds business with its just-announced acquisition of Metropolitan Real Estate Equity Management LLC. Financial terms of the transaction were not disclosed, but locally based Carlyle intends to fund the purchase through its balance sheet. Subject to Metropolitan’s investors’ consent, the deal is scheduled to close in November.

Metropolitan will be folded into Carlyle Group’s Solutions platform, which also includes AlpInvest, the $48 billion private equity fund of funds operation. Headquartered in New York City, it’s one of the largest managers of indirect investments in global real estate. Since its 2002 formation, Metropolitan has raised more than $2.6 billion across 16 commingled funds of funds with investments in over 80 managers.

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