CapMan and CAERUS are expanding their real asset debt business to include infrastructure financing. The asset manager CapMan, which is mainly active in Northern Europe, has added the Real Asset Debt segment to its service portfolio with the acquisition of a majority stake in CAERUS Debt Investments AG in June 2025.
The new Infrastructure Debt business area will be led by René Kassis, who has more than 30 years of experience in setting up and developing infrastructure debt strategies. During his career, Kassis established a real estate and infrastructure debt platform with over six billion euros in assets under management for international investment manager LBP AM, and previously developed Dexia’s infrastructure business into one of the three largest infrastructure banks worldwide.
With this step, CapMan and CAERUS are entering a rapidly growing market segment. Recent studies predict a significant increase in financing demand for European infrastructure projects that strengthen resilience, sovereignty and the transition to a low-carbon economy in Europe. At the same time, CapMan and CAERUS are expanding their presence in Western Europe by opening an office in Paris. The new branch will be managed by Kassis.
“I am very pleased to welcome René Kassis to CapMan. With its industry experience and CapMan’s more than 35 years of expertise in the mid-market segment, we can tap into a previously underserved, attractive market segment in the infrastructure debt sector,” says CapMan CEO Pia Kåll. CapMan is a real asset-focused private market professional that invests in real estate, infrastructure, natural capital and unlisted companies – primarily in the Nordic region. Its customers are mainly institutional investors and family offices. CapMan currently manages assets totaling €7.2 billion and is aiming to increase it to €10 billion.
Successful expansion strategy.
“The expansion of our business into infrastructure finance and the associated expansion through the opening of our Paris office are important steps for our company and the entire Group,” comments Michael Morgenroth, Managing Partner of CapMan Real Asset Debt and CEO of CAERUS. “We are currently experiencing how quickly and productively the partnership with CapMan is developing.”
CAERUS Debt Investments is one of the pioneers in the German real estate debt market and finances real estate projects and transactions throughout Europe and the Nordic countries. In the future, the company will also finance infrastructure projects. In 2025, CapMan acquired 51 percent of the shares in CAERUS.
“Infrastructure investments are a fast-growing market, driven by the decarbonization and digitalization of the economy and Europe’s quest for strategic resilience. CapMan and CAERUS are ideal partners when it comes to helping investors seize these opportunities, especially in the midmarket segment. I am very much looking forward to this new challenge,” says René Kassis. According to Preqin, infrastructure is now the second-largest asset class on the European capital market. The Boston Consulting Group estimates that around twelve trillion euros in infrastructure investments will be required in Europe by 2040. Driving factors include the rehabilitation of aging infrastructure, the modernization of critical infrastructure in the wake of geopolitical developments, the transformation of energy infrastructure, and the rapid expansion of digital infrastructure.
