CapMan Plc has signed an agreement to acquire a 51% stake in CAERUS Debt Investments AG, a prominent German real estate debt manager. This strategic move marks the launch of CapMan’s new investment area, Real Asset Debt, further strengthening its footprint in real asset investments alongside its existing real estate, infrastructure, and natural capital segments.
CAERUS, with around EUR 700 million in assets under management, has been a pioneer in Germany’s real estate debt market since its founding in 2012. The company offers institutional investors access to real estate debt through funds and mandates, with a strong focus on the DACH and Benelux regions. To date, CAERUS has raised EUR 2.6 billion across seven active funds.
CapMan CEO Pia Kåll described the acquisition as a key milestone that strengthens their focus on real assets and brings CapMan into the German market. She emphasized CAERUS’ experienced team and strong track record as aligned with CapMan’s strategic goals.
The deal increases CapMan’s fee-generating assets under management by EUR 700 million. CAERUS reported EUR 1.7 million in fee profit in both 2023 and 2024. While the acquisition is expected to modestly boost CapMan’s fee income and profit in 2025, it does not alter the company’s broader financial outlook.
The transaction, valued at up to EUR 13 million for 100% of CAERUS, includes an upfront cash payment of EUR 4 million for the 51% ownership and a potential earn-out of up to EUR 2.6 million based on 2026 performance. No external financing will be used.
Founder and CEO Michael Morgenroth retains 49% ownership through MOMO Beteiligungs GmbH and will join CapMan’s Management Group as Managing Partner for the new Real Asset Debt area. Morgenroth said the partnership with CapMan would expand CAERUS’ market position in continental Europe by combining regional knowledge and investor networks.
The acquisition is expected to close in the third quarter of 2025, pending customary conditions.