Firm completes fundraising for Real Estate Fund III, with $3.4 billion in commitments

BOSTON – January 13, 2026 – Bain Capital today announced the close of more than $5 billion in new capital across its real estate strategies, including the completion of fundraising for Bain Capital Real Estate Fund III (“Fund III” or the “Fund”), with approximately $3.4 billion in total commitments. Fund III received significant support from a diverse group of new and existing limited partners globally, and includes $300 million from Bain Capital employees and alumni, underscoring the firm’s long-standing commitment to ensuring alignment with its investors.

The final close of Fund III follows Bain Capital Real Estate’s recent $1.6 billion capital raise alongside 11North Partners, which will invest through their co-owned, open-air, necessity-based retail operating platform. Together, these raises, along with additional co-investments, represent more than $5 billion of investible capital across Bain Capital Real Estate strategies, enhancing the firm’s ability to invest selectively and at scale across its highest-conviction themes. These successful capital formation efforts represent a significant increase over the $3 billion in total commitments raised by Bain Capital Real Estate Fund II.

Fund III continues to reflect Bain Capital Real Estate’s research-driven, thematic investment approach, providing curated exposure to sectors that complement traditional real estate portfolios. The team invests behind long-dated secular trends, partners with experienced operators through dedicated platforms, and maintains a disciplined, flexible approach as market conditions, pricing, and liquidity evolve. Within that framework, Fund III is focused primarily on value-add opportunities in demand-driven, supply-constrained, and often hard-to-access sectors where active ownership and operational improvement can drive accelerated performance. Core areas of focus include urban infill industrial, open-air retail, leisure and hospitality, medical outpatient buildings, for-rent townhomes, senior housing, marinas and storage facilities, and digital real estate assets.

“We are grateful for the continued support of our limited partners and their conviction in our strategy and growing platform, which has delivered strong performance through one of the most challenging real estate cycles in decades,” said Ryan Cotton, Partner and Head of Bain Capital Real Estate. “Our thematic focus, underpinned by rigorous analysis and collaboration across Bain Capital’s platform, combined with disciplined selectivity and active management, positions us well to invest successfully across cycles. Looking ahead, we believe we are competitively advantaged to capitalize on long-term secular trends driven by changes in how people live, work, and spend, and we remain committed to building enduring partnerships with investors and operators who share our long-term view.”

The Bain Capital Real Estate team has built a differentiated sourcing edge, including the ability to originate opportunities off market by leveraging Bain Capital’s platform advantages, thematic insights, and experience executing complex transactions. Further, the team has strengthened its capabilities through the recent establishment of real estate-dedicated Asset Management, Debt Capital Markets, and Investor Relations functions. Notable recent investments include the acquisition of a leading private golf club platform in partnership with Bain Capital Private Equity; the acquisition of a portfolio of 10 open-air retail centers across Florida and South Carolina, most of which are anchored by Publix; the acquisition of an industrial portfolio primarily located in Northern New Jersey; the acquisition of Boathouse Marine Center, a dry-stack marina in Pompano Beach, Florida; and the acquisition of an approximately 122,000 square-foot medical outpatient facility in the Washington, DC metropolitan area.

About Bain Capital Real Estate
Bain Capital Real Estate pursues investments in often difficult-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has invested and committed over $10.7 billion of equity across multiple sectors as of September 30, 2025. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world’s leading private investment firms, with approximately $215 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

CapMan Buyout X Fund has agreed to sell Forenom Group Oy, a leading provider of serviced apartments in the Nordic region, to a consortium led by Nordic people and technology services group Bravedo.

CapMan Buyout invested in Forenom in 2016 to accelerate the company’s growth and support internationalisation in the Nordics. During CapMan Buyout’s ownership period Forenom has tripled its sales and expanded from being a Finnish company to a leading pan-Nordic player. Today, the company’s portfolio comprises over 9,000 serviced apartments, aparthotels and hostel rooms across all major Nordic cities and Germany which it operates through more than 30 local offices and over 500 employees.

“I would like to thank Forenom’s management and all employees for the excellent cooperation over the years. I wish Forenom success under its new ownership,” says Anders Björkell, Partner at CapMan Buyout.

“Back in 2016, we sought a partner to help in implementing Forenom’s strategy. We would like to thank CapMan Buyout for playing an important role in the company’s development into a leading Nordic player. As we enter our next growth phase, Bravedo’s ownership provides us with even stronger opportunities to enhance our services, scale our operations, and meet the growing needs of our customers. Helping companies move their workforce smoothly is becoming increasingly critical, and together with our new owner, we can build even more powerful solutions to make this easier than ever for our clients,” says Jussi Saarinen, CEO of Forenom.

“During CapMan Buyout’s ownership period, Forenom has developed into a true leader in the Northern European serviced apartments market. While the operating environment in recent years has been far from easy, Forenom is now a platform into which Bravedo, together with our co-investors, can invest and further support its growth. Providing Bravedo’s customers with innovative workforce solutions in the Nordic countries, including accommodation-related services, is core to Bravedo’s strategy, and Forenom complements our capabilities perfectly,” says Heikki Raulo, Head of Investments & Acquisitions at Bravedo.

Forenom marks the final exit of the CapMan Buyout X fund which was established in 2012.

For more information, please contact:

Anders Björkell, Partner, CapMan Buyout, +358 40 537 7566

Jussi Saarinen, CEO, Forenom, +358 44 210 6864

Heikki Raulo, Investments & Acquisitions, Bravedo, +358 40 7191589

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.1 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

About Forenom

Forenom is a leading provider of serviced apartments in the Nordic region, with a strong focus on business customers. The company operates the fastest-growing aparthotel chain in the Nordics, offers an innovative hostel concept for project workers, and provides the most comprehensive selection of serviced apartments across the region. Forenom’s portfolio comprises over 9,000 serviced apartments, aparthotels and hostel rooms across all major Nordic cities and Germany, generating more than 2.3 million overnight stays annually. www.forenom.com.

About Bravedo

Bravedo is a leading provider of B2B and public sector services in Finland, delivering integrated solutions that combine human expertise with technology. The group supports organisations in redesigning, optimising, and automating their operations and services to improve efficiency and enable scalable operations.

Founded in 1999, Bravedo operates in 11 countries across Europe and brings together expertise from the group’s nearly 40 specialised companies to serve a wide range of private and public sector clients. www.bravedo.fi

CapMan Nordic Real Estate III FCP-RAIF (CMNRE III) has signed an agreement to sell Sadelplatsen 1, a development property in Solna approximately 5 km from central Stockholm to the Swedish real estate company Vacse. The divestment marks the next phase in the property’s lifecycle as it moves toward redevelopment and adaptation for public sector use.

CMNRE III acquired the highly visible office building in Solna in December 2020, at a time when the property was almost completely vacant. The property comprises approximately 6,700 sqm of lettable area along with generous garage facilities. By securing a long-term lease with a Swedish law enforcement authority, CapMan Real Estate has enabled the transformation of Sadelplatsen 1 into a stable, income-generating asset. The building will now be renovated and purpose-adapted for the law enforcement authority, which will occupy the entire premises, ensuring the property’s long-term role in providing essential civic services.

The transaction represents the Fund’s third exit and reflects its strategy to actively managing and developing its portfolio through divestments where value has been realised. Closing is expected to take place during the first quarter of 2026.

“We are very pleased to complete this transaction with Vacse, a long-term and specialised owner of public sector properties. This exit demonstrates our ability to create value through active asset management and confirms that there is continued liquidity and strong demand for well-located, high-quality assets with secure end users,” says Magnus Berglund, Partner and Head of CapMan Real Estate Sweden.

Catella Corporate Finance acted as the Fund’s sell-side advisor and Mannheimer Swartling as legal advisor in the transaction.

For more information, please contact:
Magnus Berglund, Partner, Head of CapMan Real Estate Sweden
+46 70 786 68 08

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.1 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com

LONDON/PARIS – January 7, 2026 – Bain Capital, a leading global private investment firm, Revcap, a pan-European real estate private equity firm, and Black Swan today announced the investment in 29–33 Avenue des Champs-Élysées in Paris, a prime mixed-use building located on one of the world’s most prominent retail corridors. The investment, being conducted as a joint venture between Bain Capital’s European Real Estate strategy and Revcap’s Real Estate Platforms strategy, will support the redevelopment of the vacant asset into three flagship retail units and modern office space designed to meet long-term demand from global brands and corporate occupiers.

The project is structured as a comprehensive repositioning initiative, benefitting from an existing building permit and a fully stripped interior that enables an efficient redevelopment program. The investment reflects the investors conviction in high-quality European real estate, particularly in corridors with sustained international tourism, limited availability of large flagship units and resilient rental dynamics. The firm is partnering with Black Swan Real Estate Capital on the execution of the business plan.

Bain Capital’s European Real Estate strategy continues to focus on high-quality assets in markets where long-term operating fundamentals remain resilient and demand is structurally supported.

“This investment highlights the strength of our European real estate strategy and our ability to underwrite unique assets in globally strategic locations,” said Ali Haroon, a Partner and Head of Special Situations and Real Estate in Europe at Bain Capital. “The Champs-Élysées remains one of the most recognizable and resilient retail avenues in the world, and we see compelling long-term potential in delivering a next-generation retail and office destination in the heart of Paris.”

“The fundamentals supporting this asset are exceptionally strong,” said Rafael Coste Campos, a Partner at Bain Capital. “Flagship retail units of this scale and quality are extremely rare and structurally undersupplied, whilst tenant demand continues to deepen. The current macro dislocation is allowing a special window to acquire unique assets at attractive valuations. We are convinced that combining our expertise with that of Revcap and Black Swan will enable us to maximize value creation for the asset.”

“We are delighted to be partnering with Bain to acquire such an iconic asset in Central Paris. The acquisition demonstrates Revcap’s ability to execute complex transactions of scale in key European markets, whilst illustrating the capabilities of Black Swan Real Estate Capital, a platform created by Revcap. We look forward to contributing to the ongoing evolution of one of the world’s most recognisable streets,” said Andrew Pettit, Equity Partner of Revcap.

“This acquisition represents a defining step in our strategy. By acquiring this office and retail building on this iconic avenue, we are proud to join forces with prestigious partners to reimagine a landmark project at the heart of Paris,” said Rouzbeh Badi Arez, Partner at Black Swan. “This transaction represents an exceptional opportunity to acquire a truly rare redevelopment asset, located at the very heart of an internationally acclaimed address. Through its ambition and positioning, the project fully aligns with the ongoing renaissance of the Champs-Élysées and represents a unique opportunity to take part in the transformation of the world’s most beautiful avenue,” said Gautier Beurnier, Senior Advisor at Black Swan.

The redevelopment will incorporate leading environmental performance features and is targeting top sustainability certifications, including HQE, BREEAM and BBCA. Plans include enhanced natural light, energy-efficient systems and potential integration of green or solar roofing, consistent with Paris 2030 climate objectives and broader EU sustainability frameworks.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $205 billion in assets under management. To learn more, visit baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Revcap

Founded in 2004, Revcap is an independently owned private equity real estate principal investor. Revcap targets real estate joint ventures in partnership with local operating partners. Since inception, Revcap has partnered with institutions, foundations, endowments, and family offices to invest in over €15bn of European real estate transactions across 13 investment vehicles. The firm has closed more than 80 deals in France.

About Black Swan Real Estate Capital

Launched in February 2021, Black Swan Real Estate Capital is a real estate investment and asset management firm operating in the French market. Black Swan was founded by Rouzbeh Badi-Arez and Revcap and invests in and manages a total of €500m of office, retail and residential real estate investments predominantly in Paris, alongside leading institutional investors.

Media Contacts

SYDNEY, AUSTRALIA – December 23, 2025 – Blackstone (NYSE: BX) today announced that Real Estate funds managed by Blackstone (“Blackstone”) have entered into an agreement to acquire Hamilton Island, an iconic integrated resort destination in the Whitsunday Islands in Queensland, Australia, from the Oatley family. This investment, which is subject to customary regulatory approvals, builds on Blackstone’s leading global position in leisure and hospitality, including in the Asia Pacific (APAC) region, where it has made significant investments across Australia, Japan, and India.

Hamilton Island is located in the heart of the World Heritage-listed Great Barrier Reef, the world’s largest coral reef and one of its great natural wonders. Hamilton Island spans more than 2,800 acres across two islands (around 70% of which remains undeveloped) and comprises five hotels, more than 20 restaurants and bars, 20 retail outlets, an 18-hole championship golf course on neighboring Dent Island, a marina, and a commercial airport. Hamilton Island is a significant employer in the Whitsundays, supporting a large on-island community and workforce as well as a broad network of regional partners, suppliers, and local businesses.

Chris Heady, Chairman of Asia Pacific & Head of Real Estate Asia, Blackstone, said: “Hamilton Island is an exceptional destination, and we are honored to build on the vision and dedication that the Oatley family has brought to investing in its transformation and add a standout asset to our portfolio. Hospitality and leisure is a key investment theme at Blackstone globally including in the Asia Pacific region, where we’ve brought scale and operational expertise to invest in and build leading brands. We are committed to investing in the long-term success of Hamilton Island, its people, and its local businesses and community.”

The Oatley family, Sandy, Ian and Rosalind, said: “We would like to thank our Board and Management for achieving this outcome, and welcome the new owners Blackstone. Hamilton Island has a special place in the hearts of many Australians. For more than two decades the family’s passion, led by Bob Oatley, has made significant investments to transform the island into one of Australia’s most loved and visited destinations, renowned for its natural beauty, variety of world-class accommodation, amenities and experiences, and ensuring its place as Australia’s Tropical Island. We are delighted to have a partner of Blackstone’s calibre and resources to continue the legacy, while supporting our people and island community.”

Australia is home to some of Blackstone’s most significant investments including Crown Resorts, the country’s largest hospitality employer with three premium entertainment and hospitality resorts in Sydney, Perth, and Melbourne; and AirTrunk, the largest data center platform in APAC.

Blackstone is a leading investor in hospitality and leisure globally. Its key investments include an eight-hotel portfolio from Kintetsu Group Holdings in Japan; a joint venture with Panchshil Realty on Ventive Hospitality, which owns and manages a portfolio of luxury hotels in India, the Maldives, and Sri Lanka; and Great Wolf Resorts, a leading owner and operator of family-oriented entertainment resorts in the United States.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Hamilton Island
Hamilton Island is Australia’s Tropical Island in the heart of the Great Barrier Reef.  Home to a range of stays – including qualia, Beach Club, Reef View Hotel, Palm Bungalows, The Sundays, and self-catering holiday homes and apartments – the island offers more than 20 restaurants and bars, a championship 18-hole golf course, a full-service marina, and an extensive program of tours and experiences across the Whitsundays, including access to Whitehaven Beach, Heart Reef and the Great Barrier Reef.  Hamilton Island is accessed via direct flights to Hamilton Island Airport and is a major employer in the Whitsundays region. Follow @hamiltonisland on LinkedIn, Facebook and Instagram.

Media Contacts
Blackstone
Ellen Bogard
Ellen.Bogard@Blackstone.com
+852 9731 9726

MorrisBrown Communications
Olivia Brown
Olivia@morris-brown.com.au
+61 409 524 960