Federated Hermes has completed its previously announced acquisition of an 80 percent majority interest in FCP Fund Manager, LP, a privately held U.S. real estate investment manager based in Chevy Chase, Md. In connection with the closing, FCP converted to a Delaware limited liability company named Federated Hermes FCP Manager, LLC.
The aggregate purchase price of up to $331 million includes $215.8 million in cash, $23.2 million in Federated Hermes Class B common stock, and potential contingent consideration of up to $92 million over multiple periods.
Founded as a specialist in the U.S. multifamily sector, FCP invests across the U.S. multifamily asset class through predominantly equity and several debt vehicles. Since inception, the firm has invested in, operated, and/or financed more than $14.8 billion in gross asset value, including more than 75,000 multifamily units, and today manages portfolios from six U.S. offices with deep local coverage across 19 priority market
