The transaction involves Federated Hermes purchasing the interest previously held by ESR in the vehicle. Penny Blue Capital, established in 2013, has originated over €5 billion in loans secured against real assets across Europe. After spending several years under the umbrella of Venn Partners and later the ESR Group, the firm now operates independently.
Federated Hermes Acquires Stake in Penny Blue Capital Real Estate Fund
Pittsburgh-based global asset manager Federated Hermes has secured a position in the flagship real estate debt fund of Europe’s Penny Blue Capital. The acquisition follows Penny Blue’s recent split from ESR Europe, marking a return to management ownership for the firm founded by Beatrice Dupont and Paul House.
Federated Hermes continues to scale its private credit footprint, which currently manages more than $2 billion in assets. The firm’s dedicated real estate debt division, active since 2015, complements a broader portfolio that oversaw $911 billion in total assets as of June. This move integrates the US asset manager more deeply into the European real estate debt market.
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