The Carlyle Group, the global alternative asset manager, announced it had agreed to purchase Metropolitan Real Estate Equity Management LLC. Metropolitan is a real estage fund of funds global manager with capital commitments exceeding USD2.6 billion. 

The equity investment would come from the balance sheet of Carlyle and the figures were not mentioned in the announcement. There is still a need for the approval of Metropolitan's investors and is projected to be completed by November 2013.

According to Carlyle Group Managing Director and Head of the Solutions group Jacques Chappuis, "Metropolitan is a proven multi-manager in global real estate. This adds an important capability to our growing Solutions business, strengthens our intellectual capital in global real estate and immediately contributes to our corporate bottom line. David Sherman is a highly respected investor and we are excited to welcom him and the Metropolitan team to Carlyle."

For its part, Metropolitan Real Estate Equity Management LLC President and Co-Chief Investment Officer David Sherman, "Carlyle's global scope and resources will better enable us to deliver the products and services that our investors demanf. This acquisition is a validation of our model and our growth plans."