Former TPG Exec Launches Real Estate Firm

Wafra Inc, a NY-based alternative investment manager, is backing GREYKITE, a private capital investment advisory firm that specializes in real estate and founded by former TPG real estate executive Michael Abel.

GREYKITE reportedly secured a $350 million cornerstone investment from Capital Constellation, an investment platform managed by Wafra, and Leucadia Asset Management, the alternative asset management arm of Jefferies that owns Wafra.

Abel has two decades of experience in the European real estate private equity industry. As CEO, he will oversee GREYKITE’s strategy, fundraising and investment business, and will also serve as chairman of the executive and investment committees.

Abel was a partner at TPG and founder of TPG real estate’s efforts in Europe, serving as a member of its investment committee and TPG Europe’s executive committee before leaving last year.

Abel is joined by Dan Valenzano, who will lead investment and portfolio oversight activities. He also worked at TPG. Together they have assembled a 10-person team with professionals from Oaktree Capital Management, Goldman Sachs and Morgan Stanley.

GREYKITE will specialize in real estate investments across a series of asset classes in select European markets.

“We believe that Michael, Dan and the rest of the GREYKITE team are uniquely positioned to capitalize on the attractive opportunity set at the intersection of private equity and real estate within Europe,” said Adel Alderbas, CIO of Wafra and president of Capital Constellation.