The U.K. headquartered insurance and financial services firm Legal & General Group has made an investment in the Boston-based real estate private equity firm Taurus Investment Holdings, alongside an initial commitment of up to $200 million in seed capital, according to a news release.
The initial seed capital will go towards the U.S. multifamily residential sector, which encompasses single buildings divided into separate housing units to accommodate multiple households.
The partnership with Taurus is intended to further deepen L&G’s private markets capabilities in the region, while addressing investor demand for real estate equity exposure. At its capital markets event in June, L&G said it aimed to expand its global private markets platform to £85 billion ($111 billion) in assets under management by 2028.
“Asset management is the cornerstone of our growth strategy, and scale in private markets globally is key to those ambitions,” said Antonio Simoes, group chief executive officer at Legal & General, in the news release.
“We believe, our partnership with Taurus will accelerate our progress, deepening our capabilities in U.S. real estate so that our shareholders and clients can seek to benefit from access to a fast growing, attractive market.”
According to the National Council of Real Estate Investment Fiduciaries Q2 report, multifamily and industrial investments now account for 63% of U.S. institutional real estate portfolios, up from 34% in 2000.
Taurus does business in the acquisition, development, financing, leasing and selling of multifamily and industrial real estate assets across the U.S. and select global markets including Germany and the U.K., totaling more than $11 billion in value.
Legal & General had £1.2 trillion in AUM as of Dec. 31.
