Mgmt. Buyout Turns Merrill Real-Estate Desk Into Private Equity Firm

Sep 15 2010 | 11:49am ET

Bank of America has spun off the former Merrill Lynch’s European real-estate proprietary investing business as an independent private equity firm.

Peakside Capital debuted following a management buyout led by Roger Barris, who leads the team. Peakside, which will have four offices throughout Europe, has bought BofA’s general partner interests in two global property funds with nearly €500 million in commitments. The Merrill Lynch European Real Estate Opportunity Fund has commitments totaling €261 million, and the Bosphorus Real Estate  Fund I has €204 million.

BofA will continue to invest in the funds, one of which still has uncommitted capital, including some from BofA.

The new firm also plans to raise money from institutional and high-net-worth clients, and will continue to manage some legacy European real-estate assets owned by BofA.

“Peakside will launch as a mid-sized manager with a strong track record, an experienced team and the investment capacity needed to take advantage of the opportunities that are rapidly emerging in real estate in Europe,” Barris said.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...