Former TPG executive Michael Abel has established a new investment platform called Greykite and secured cornerstone investment from Capital Constellation, an investment platform managed by US-based group Wafra Inc., which is owned by the Public Institute for Social Security of Kuwait, and Leucadia Asset Management, the New York-based alternative asset management division of Jefferies.
Abel, previously an equity partner at TPG, is joined by Dan Valenzano, senior partner of Greykite and former TPG colleague.
Greykite is understood to have secured a total of €320 mln of equity commitments from investors Constellation and Leucadia, making the raising one of the largest first closes by a first time discretionary private equity real estate vehicle in Europe over the past few years.
The firm has a flexible mandate and will specialise in real estate investments across a series of asset classes with durable fundamentals in select European markets. It will utilise an approach grounded in rigorous data analysis and market research, employing a differentiated strategy focused on both asset and corporate-level transactions in high-conviction and operationally intensive sectors mainly in Western Europe, including opportunities emerging from special situations and market dislocation.
With 20 years of experience in the European real estate private equity industry, Abel will oversee strategy, fundraising, and investment business, and will serve as chairman of the Executive and Investment Committees. Prior to founding Greykite, he was at TPG, where he helped establish TPG Real Estate’s efforts in Europe and served as a member of TPG Real Estate’s Investment Committee and TPG Europe’s Executive Committee.
Valenzano will lead investment and portfolio company oversight activities. To deliver on its strategy, Grreykite has also assembled a high-calibre, initial 10-person team, consisting of former TPG, Goldman Sachs, Morgan Stanley and Oaktree professionals.
Michael Abel, founder and CEO of Greykite, commented: ‘It’s exciting to be announcing the launch of GREYKITE, and I am greatly appreciative of the support and confidence extended by our partners at Constellation and Leucadia, two of the world’s most experienced and distinguished investment groups. It comes at a highly attractive point in the investment cycle, where we see elevated levels of uncertainty and dislocation, but brimming with opportunity.’
Dan Valenzano, senior partner of Greykite, added: ‘The establishment of Greykite is an exciting milestone for us to announce, and we are proud to be partnering with the teams at Constellation and Leucadia, who bring a wealth of experience investing in the alternative asset management space. I look forward to working with the exceptional group of professionals who have joined Greykite and deploying our distinctive investment strategy into the unique European market opportunity we see emerging through 2024 and beyond.’
