Michael Abel, who previously worked at private equity firm TPG, has set up a European real estate advisory business with Capital Constellation and Leucadia Asset Management as cornerstone investors.
Greykite Investment Adviser targets both asset and corporate-level transactions in 鈥渉igh-conviction and operationally intensive sectors鈥� mainly in Western Europe, including opportunities emerging from special situations and market dislocation.
Abel, who acts as Greykite鈥檚 CEO, will oversee the firm鈥檚 strategy, fundraising and investment business, and will serve as chairman of the executive and investment committees.
Before founding Greykite, Abel was an equity partner at TPG, where he helped establish TPG Real Estate鈥檚 European arm and served as a member of TPG Real Estate鈥檚 investment committee and TPG Europe鈥檚 executive committee.
Former TPG colleague Dan Valenzano, a senior partner and member of the executive and investment committees, has joined Greykite to lead investment and portfolio company oversight activities.
Valenzano joins Greykite鈥檚 initial 10-person team, consisting of former TPG, Goldman Sachs, Morgan Stanley and Oaktree professionals.
Abel said the launch of Greykite and the support and confidence extended by Wafra鈥檚 Constellation and Leucadia 鈥渃omes at a highly attractive point in the investment cycle, where we see elevated levels of uncertainty and dislocation, but brimming with opportunity鈥�.
Abel added: 鈥淲ith a high-quality team, fully aligned with our partners in our collective ambition to build a differentiated investment business on a foundation of trust, transparency and performance, we look forward to connecting with market participants and potential partners and capitalising on our robust transaction pipeline.鈥�
Valenzano said: 鈥淭he 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.
鈥淚 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.鈥�
Adel Alderbas, CIO of Wafra and president of Capital Constellation, said: 鈥淲e believe that Michael, Dan and the rest of the Greykite team are uniquely positioned to capitalise on the attractive opportunity set at the intersection of private equity and real estate within Europe.
鈥淲e look forward to backing Greykite alongside Leucadia in building a successful and durable alternative asset investment business.鈥�
Nick Daraviras and Sol Kumin, co-presidents of Leucadia Asset Management, said: 鈥淲e are very excited to be working with Michael, Dan, and the Constellation team in the launch of this new firm. We feel European real estate offers tremendous opportunities for experienced investors such as Greykite.鈥�
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