Legal & General (L&G) has agreed to acquire a 75% stake in Proprium, a global real estate investor, to accelerate its private market growth ambitions.

With a target to grow its private markets platform to £85bn AuM by 2028, L&G is focused on maximising opportunities within real estate, infrastructure, private credit, and venture capital, while strategically expanding into new global markets.

Founded in 2013, Proprium is a spin-out of the Morgan Stanley Real Estate Special Situations team, which focuses on investing in real estate operating companies with of platform investing seeks to deliver private equity returns in the real estate industry.

CEO, asset management at L&G, Eric Adler, said: “Recognising that international scale in private markets is key to delivering against L&G’s growth strategy, this strategic investment in Proprium will expand our geographical footprint, deepen our capabilities, broaden our investment strategies, and diversify our product offering.

“Through this acquisition, we are bringing clients a differentiated and diversified opportunity to access value creation in real estate sectors positioned for growth and scalability.”

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