CBRE Caledon Capital Management, the infrastructure and private equity arm of CBRE Global Investors, has begun a search for a successor to founder and CEO David Rogers, a person with knowledge of the matter told Buyouts.
Rogers, who has led CBRE Caledon for 13 years, will take on the role of executive chairman when a successor is found, the source said. He will continue to lead the business during the search and transition process, which is expected to wind up before the end of 2020.
CBRE Caledon will conduct its global search, the source said, with the help of recruitment firm Korn Ferry.
Rogers, formerly the head of OMERS’ private equity group, launched CBRE Caledon in 2007. Then known as Caledon Capital Management, the firm aimed to help institutions find new ways to access global private markets. It discovered a ready market, especially among small and mid-sized North American institutions looking to emulate the practices of Canada’s top pension funds and participate in opportunities usually available only to larger investors.
CBRE Caledon designs and manages infrastructure and PE strategies for clients through separate accounts, pooled vehicles and advisory services. Each strategy, which combines co-investments, direct investments, funds and secondaries, is tailored to a client’s preferences and risk tolerance.
Today, CBRE Caledon, with offices in Toronto and London, oversees about $10 billion in assets on behalf of a range of North American, European and Asian institutions.
Since inception, CBRE Caledon has committed more than $4 billion to global infrastructure funds and directly invested more than $3.1 billion in infrastructure assets, according to the firm’s website. It has also committed more than $8 billion to global PE funds and directly invested more than $1.5 billion in PE-backed companies.
Three years ago, CBRE Group, a Los Angeles commercial real estate business, acquired a majority stake in Caledon Capital, rebranding it as CBRE Caledon. The firm was established as a separate unit within CBRE Global Investors, CBRE’s $106 billion real asset investment arm.
Rogers and other members of the leadership team continue to hold a minority stake. They also have seats on CBRE Caledon’s oversight board, held by Rogers and Partner Martin Day.
Day was recruited to CBRE Caledon in 2012 from OMERS Private Equity. The firm’s other investment partners are Jeff DeBlock, who joined in 2012 from Canada Pension Plan Investment Board; Stephen Dowd, who joined in 2014 from Ontario Teachers’ Pension Plan; Asif Hussain, who joined in 2010 from ADIA; Andreas Köttering, who joined in 2018 from GIC; Justin Kusinskis, who joined in 2010 from Scotia Capital; and Noi Spyratos, who joined in 2011 from Access Capital Corp.
Rogers headed OMERS’ PE group as a senior vice president from 2001 to 2006. He was also a director of the parent organization of Borealis Infrastructure, now OMERS Infrastructure, and a founding board member of the Institutional Limited Partners Association.
Prior to joining OMERS in 1999, Rogers was vice president, investments, with Working Ventures Canadian Fund, and before then vice president, finance, and CFO of FirstService Corp.
CBRE Caledon declined a request for comment on this story.
Action Item: Learn more about CBRE Caledon Capital Management here.