- Transaction adds c. $1 bn to Proprium’s real estate AuM and follows L&G’s investment in Proprium in 2025, as it further enhances its real estate capabilities
- 17-strong BC Partners Real Estate team specializing in deal origination and execution to join Proprium Capital Partners
- Having grown L&G’s private platform to £71bn/$95 bn markets in Q3, 2025, L&G is on track to reach growth target of £85bn/$114bn by 2028[1]
- BC Partners to continue to focus on its core mid-market strategies of Private Equity and Private Credit
3 February 2026 – Global real estate investor Proprium Capital Partners (“Proprium”) has today announced an expansion of its European footprint, bringing in a team from BC Partners Real Estate (“BCPRE”), the Real Estate arm of leading international investment firm BC Partners, as part of a strategic partnership with the firm. Under the terms of the agreement, 17 highly experienced individuals will join Proprium from BCPRE complementing the firm’s existing capabilities. As a result, this transaction will add c. $1 bn to Proprium’s Assets Under Management (AUM).
The 17-strong BCPRE team, led by partners Stéphane Theuriau, Laurian Douin and Thibault Lauprêtre will bring considerable sector insight and development expertise, complementing Proprium’s approach which seeks to deliver private equity returns in the real estate industry. As part of the move, Stephane will become Vice Chairman at Proprium, while Laurian and Thibault will be made partners. Based in Paris and London, they are expected to transfer over to Proprium within Q1 2026, subject to relevant approvals and implementation measures, and add complementary geographic capabilities and a strong network, particularly across continental Europe and France. Additionally, they will bring distinct sectoral skills which will enhance Proprium’s deal origination, execution and asset management capability.
The addition of the BCPRE team is an excellent cultural fit as Stéphane Theuriau and other team members worked closely with Eric Adler and Proprium’s Co-Managing Partners during their time at Morgan Stanley.
The move further strengthens Proprium’s global real estate proposition as the team looks to raise additional capital for new and existing strategies internationally. This development will support L&G and Proprium’s shared growth ambitions in the real estate sector, as well as bolster product innovation and platform investing capabilities.
BCPRE was established in 2018 and raised c.$1 bn for its debut European value-add investment strategy, BCPERE I Fund. Assets within the portfolio include Edgar Suites, a Paris-based operating platform of new-generation short-stay apartments and 1 Museum Street, a mixed-use scheme in the heart of London’s West End. The BCPRE investment team will continue the management of BCPERE I’s existing portfolio as part of the expanded Proprium team, thereby adding to their AuM.
L&G is one of Europe’s largest asset managers and a leading real estate owner and manager in the UK, with a growing platform in the US. In 2025, the firm enhanced its real estate capabilities with the strategic acquisition of a 75% stake in Proprium. With a target to grow its Private Markets platform to £85bn AUM by 2028, L&G is focused on maximizing opportunities within real estate, infrastructure and private credit, while strategically expanding into new global markets.
Founded in 2013, Proprium focuses on investing in real estate operating companies with scalable investment themes and experienced management teams. Proprium’s strategy of platform investing seeks to deliver private equity returns in the real estate industry. Proprium is active across residential, student accommodation, hospitality, and logistics sectors.
Philipp Westermann, Head of Europe and a Co-Managing Partner of Proprium Capital Partners: “We are incredibly excited to welcome colleagues who share our DNA, ambition and culture. Having worked with Stéphane and some of his team since the early 2000s, I have no doubt they will add tremendous value and complement our existing capabilities. By joining forces, we will enhance our platform investing approach and deepen our European presence.”
Stéphane Theuriau, Head of BC Partners Real Estate: “As part of BC Partners, we have built a successful real estate strategy that continues to create value across Europe. The resilience of our portfolios through an unprecedented period for the real estate sector underscores the strength of both our model and our team, and we see significant opportunities ahead. Proprium shares our values and vision for the future, and we look forward to joining them to scale the Proprium platform. Together with my partners, I would like to thank BC Partners for their trust, support and collaboration.”
Eric Adler, Asset Management CEO at L&G: “This is another milestone in delivering L&G’s strategy to build scale in our private markets offer and cement our position as a leading player in international real estate. Bolstering Proprium’s team with new expertise will enable us to continue to provide an innovative and differentiated proposition that meets the long-term needs of our clients across geographies. Having worked together and followed this team’s successful journey over two decades, I have high confidence in our cultural compatibility and look forward to driving value for our clients together.”
Raymond Svider, Chairman of BC Partners: “I would like to thank Stéphane and the whole BC Partners Real Estate team for their dedication and hard work in building a leading investment platform. As we continue our focus on BC Partners’ core strategies of private equity and credit, the time is now right for the BC Partners Real Estate platform to join forces with Proprium to enter its next chapter of growth. Together with Proprium, the BC Partners Real Estate team will be well positioned to continue its strong investment record and deliver sustainable value for all its stakeholders, and we look forward to participating as a partner in this future success.“
-ENDS-
[1] Source: https://group.legalandgeneral.com/media/enula5yl/2025-retail-investor-deep-dive-presentation-slides.pdf
