Berlin, 12 September 2019 – Berlin-based Capital Bay Group (CapitalBAY) has bought Luxembourg-based alternative investment fund manager (AIFM) IC Fund Management S.á.r.l., International Campus Group’s (former) fund management vehicle. With the acquisition, CapitalBAY, in the role as AIFM, also formally took over the management of one of the fund business previously managed by IC Fund Management. International Campus Group still continues to act as the fund’s advisor and service provider. Rolf Engel and MMI Schweiz AG, co-founders of International Campus, will become shareholders of IC Fund Management as well as two of the members of the IC Fund Management’s management team.
Going forward, IC Fund Management will operate under the name Capital Bay Fund Management, a Luxembourg based S.à r.l.. Capital Bay Fund Management will set up and manage investment funds with a wide variety of investment strategies across different asset classes, ranging from existing properties to project developments. The funds currently managed out of Luxembourg are invested in project developments and portfolio buildings in Germany, Austria and the Netherlands. Including capital commitments, these reach a total volume of around one billion euro.
George Salden, CEO of CapitalBAY, commented: “The acquisition of a fully licensed and certified AIFM marks a key milestone in CapitalBAY’s globalisation strategy. It represents the targeted expansion of our infrastructure, allowing us to offer funds with German property products to our existing and future investors around the world.”
Rolf Engel, Executive Chairman of Capital Bay Fund Management added: “We are a fully regulated Fund Manager. This opens up new business and cooperation opportunities for the Capital Bay Group, especially in the international institutional sector.”
With the takeover, CapitalBAY now also has an office in Luxembourg and will take the entire IC fund management specialist team on board.