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Finland's CapMan buys majority stake in CAERUS Debt Investments
Finnish private markets manager CapMan has acquired a 51% stake in German real estate debt platform CAERUS Debt Investments, marking a decisive move into the Continental private credit arena. The deal, announced 19 June and expected to close in the third quarter, will see CAERUS integrated into CapMan as the nucleus of a new investment vertical—CapMan Real Asset Debt.
Founded in 2012 and headquartered in Düsseldorf, CAERUS is one of Germany’s earliest institutional-grade debt platforms, specialising in tailored financing solutions across the DACH and Benelux regions. With €2.6bn in capital raised and approximately €700m in assets under management across seven Luxembourg-domiciled funds, the firm offers whole, senior and mezzanine loans across most property segments. Its founder and CEO, Michael Morgenroth, will retain 49% of the business and join CapMan’s management group as managing partner for real asset debt.
CapMan, meanwhile, is a €6.4bn Nordic investment house known for its real estate, infrastructure, and private equity strategies. With offices across the Nordics, London and Luxembourg, and more than 80 professionals in its real estate division alone, CapMan sees the CAERUS acquisition as a strategic lever to reach its €10bn AUM target while diversifying its real asset platform.
“This is a significant step for CapMan,” said CEO Pia Kåll in a statement accompanying the announcement. “Real asset debt is a natural addition to our offering and an area where we see increasing demand and investor interest.”
Michael Morgenroth welcomed the partnership, noting the long-term synergies: “CapMan’s 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.”
Private credit gains ground amid bank retrenchment
The move also reflects the growing appeal of private real estate debt as a countercyclical strategy in a capital-constrained market. As bank lending retreats and traditional credit channels tighten, institutional investors are looking to real estate debt for stable yield, lower volatility, and downside protection. CAERUS, which has originated around €2.7bn in loans since inception, has built its reputation on bespoke debt structures in complex borrower situations—precisely the kind of positioning CapMan hopes to scale.
The transaction terms were not publicly disclosed, but CapMan confirmed it will pay €4.0m in upfront cash for the majority stake, with a further €2.6m subject to 2026 performance. The full valuation implies a deal price of €13m on a cash- and debt-free basis.
While relatively modest in size, the acquisition is notable in strategic intent. CapMan gains an established foothold in Germany’s institutional debt market without the burden of building local origination and regulatory infrastructure from scratch. CAERUS, in turn, secures a long-term capital partner with ambitions beyond the Nordic core—and a platform from which to launch further funds, products and mandates.
For the wider market, the deal may foreshadow more cross-border consolidation in real estate private credit. With debt increasingly seen as a core real asset allocation, and traditional lenders facing structural constraints, partnerships between specialist originators and diversified asset managers are likely to proliferate. Investors—particularly those with ESG mandates—are also expected to favour managers who can offer debt exposure with impact-oriented overlays, a space in which both CapMan and CAERUS have shown credentials.
The new CapMan Real Asset Debt unit will operate from CAERUS’s Düsseldorf base, coordinating with CapMan’s Nordic and pan-European teams. The deal is expected to close in Q3 2025, subject to regulatory clearance.