The acquisition was made through Investcorp’s Strategic Capital Group, which focuses on minority interests in alternative asset managers, particularly GPs that manage longer-duration private capital.
The joint news release did not disclose the terms of the deal and the amount that Investcorp paid for the minority stake but said Artemis will continue with its operations and investment strategies.
Artemis Real Estate Partners is based in Washington, with offices in New York, Los Angeles, and Atlanta. On its website, the firm said it has raised approximately $6 billion of capital across core, core plus, value-add, and opportunistic strategies.
It makes equity and debt investments in real estate across the US, with a focus on multifamily, industrial, office, retail, hospitality, senior housing, and medical office.
Artemis has purchased approximately $9.5 billion of real estate across four primary business lines and its team has made over 260 investments in the middle markets since 2011.
Investcorp, on the other hand, is a global provider and manager of alternative investment with six lines of businesses – private equity, real estate, absolute return investments, infrastructure, credit management, and strategic capital.
Last month, the firm acquired 89 industrial properties totaling approximately 2.2 million square feet across four major US markets for a total purchase price of $380 million.
The properties raise Investcorp’s US industrial real estate holdings to approximately $2.8 billion across more than 385 buildings covering 27 million square feet.
In June, Investcorp invested an undisclosed amount in Hong Kong-based Heritage Foods, a buy-and-build platform for condiments and sauces, marking the firm’s 21st investment in the food and beverages industry in the span of three decades.
The firm’s Strategic Capital Group, launched in 2019, focuses on mid-sized alternative asset managers with “strong track records, exceptional teams, and attractive growth prospects”.