Houlihan Lokey Advises Proprium Capital Partners

Houlihan Lokey is pleased to announce that global real estate firm Proprium Capital Partners (Proprium) has agreed to sell a controlling equity interest to Legal & General Group (L&G). L&G will acquire a 75% interest in Proprium and also plans to become an anchor LP in one or more products managed by Proprium. Terms of the transaction were not disclosed.

This transaction is another example of Houlihan Lokey’s market-leading GP Advisory platform, with four executed/announced sellside transactions (as the sole sellside advisor) since March 14, 2025.

Founded in 2013 via a spin-out of the Morgan Stanley Real Estate Special Situations team, Proprium is a global real estate private equity firm with $3.5 billion of assets under management. The firm specializes in 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-style returns within the real estate sector.

Proprium is active across residential, student accommodation, hospitality, and logistics sectors. In the past 18 months, Proprium has sold more than $1.8 billion of assets, acquired $1.6 billion of assets, distributed more than $800 million to investors, and secured over $600 million in equity commitments.

Following the acquisition, Proprium’s management team will continue to operate independently, maintaining its current leadership structure, investment process, strategy, and operations, while benefiting from the scale and distribution network of the wider L&G Private Markets platform.

Established in 1836, L&G is one of the U.K.’s leading financial services groups and a major global investor, with £1.1 trillion in total assets under management (as at FY24) of which ~44% (c. £0.5 trillion) is international. L&G’s Asset Management business is a major global investor across public and private markets. L&G’s clients include individual savers, pension scheme members, and global institutions.

Houlihan Lokey served as the exclusive financial advisor to Proprium and assisted in marketing, structuring, and negotiating the transaction. This transaction represents an additional successful engagement for Houlihan Lokey’s market-leading GP Advisory platform.

RELATED: Financial Services