L&G Invests in Taurus on U.S. Real Estate Bet

Legal & General (L&G) has made an undisclosed strategic investment in Boston-based real estate private equity firm, Taurus Investment Holdings, LLC, alongside an initial commitment of up to $200 million in seed capital for multifamily investments.

The collaboration is anticipated to enhance L&G’s industrial portfolio and advance its U.S. development plan through a joint venture with Ancora. Launched in May 2022 to promote the advancement of science and technology throughout the U.S., the Ancora-L&G partnership has facilitated approximately $4 billion in current and prospective purchase and development activities.

Citing data from NCREIF, L&G said multifamily and industrial have grown to account for 63% of institutional real estate portfolios, up from 34% in 2000, and are the “two strongest performing core sectors in the US over the last 20-years.”

London-based L&G launched its US asset management business in 2006 and has since built it to $231.9 billion in assets under management across public and private markets. Its current team of 275 supports clients spanning private credit, real estate, and infrastructure.

Taurus acquires, develops, finances, leases, and sells multifamily and industrial real estate assets across the US, as well as in Germany and the UK, totalling more than $11 billion in value to date.

“Taurus is pleased to enter this partnership with Legal & General which enhances and expands their access to U.S. real estate markets, while providing Taurus with an injection of capital from an impressive, long-standing financial services group and global investor,” said Peter A. Merrigan, CRO, Taurus.