Clearbell Capital

What Clearbell Capital does

Clearbell Capital is a London-based, FCA-authorised private equity real estate fund management and advisory business founded in 2007 by four partners who continue to lead the firm. The company manages £3.4 billion in assets across four funds (Property Partners II, III, IV and related vehicles) totalling £1.5 billion of equity, plus four separate accounts, having cumulatively raised £1.8 billion from institutional investors, family offices, endowments, and charities. Its investment offering spans the UK risk spectrum through thematic joint ventures (Clearbell Logistics Platform with Deva Capital, Affordable PBSA via Clearbell Every Student, Single Family Housing), discretionary value-add funds (Clearbell Property Partners series), and bespoke advisory mandates including long-term endowment and core-plus accounts.

The firm executes UK real estate strategies across logistics/industrial, office, life sciences, student accommodation, and residential sectors, with realised investments including the Mercury Portfolio (49% IRR, 2.1x), Cara Portfolio (21% IRR, sold to Mileway/Blackstone for £120m), Tune Hotels (29% IRR), and Monza senior residential debt platform (16% IRR). Current ventures include the LOC8 Maidstone 49-acre logistics hub (awarded Best Multi-Let Industrial Estate at IAS Awards 2024), the Grade II listed Kodak Building office retrofit in London's Kingsway, 85 Gray's Inn Road life sciences repositioning, and the £250m Deva Capital logistics joint venture exceeding 1.5m sq ft across 23 assets. Clearbell differentiates through integrated ESG-led asset management (BREEAM Excellent, EPC A ratings, GRESB reporting since 2017) and a deep, stable partnership team sourced from Land Securities, Grosvenor, Mountgrange Capital, and major professional services firms.

The revenue model combines recurring management fees on committed and invested capital across funds and separate accounts, performance fees through carried interest on returns above hurdle rates, and advisory fees for bespoke mandates, distributed entirely through a direct institutional sales model with no intermediary channels. Distribution is supported by BPF, INREV, and GRESB memberships, dedicated investor relations personnel, and joint venture partnerships with Deva Capital (Santander Alternative Investments), Patron Capital, HSBC UK, Aberdeen, and Blackstone that provide both deal flow and capital scale. The firm employs approximately 27-30 staff across investment, asset management, sustainability, finance, IR, and operations functions at its 2 Harewood Place headquarters in London.

Name

Clearbell Capital

Legal name

Clearbell Capital LLP

Website

https://clearbell.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Clearbell Capital is a London-based FCA-authorised private equity real estate fund manager and advisor managing £3.4bn AUM across four funds and separate accounts, serving institutional investors, family offices, and endowments with UK logistics, office, life sciences, PBSA, and residential strategies.

Ownership category

akta.pro rank

Product category

Real Estate Fund Management

NAICS

Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399), Other Investment Pools and Funds (5259)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799), Investment Advice (6282)

akta.pro primary industry

Real Estate Funds — Core-Plus (FSANAEAG)

akta.pro secondary industries

Middle-Market Lending (FSANADAI), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Real estate fund management
• Private equity real estate
• UK property investment
• Real estate advisory
• Institutional real estate

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Fund Management Fees: Clearbell earns management fees on assets under management across their four funds and separate accounts. As a regulated fund manager (FCA authorised), they charge fees on committed capital and invested assets in their value-add and core-plus strategies.
2. Performance/Carried Interest Fees: The firm generates performance fees through carried interest on fund returns above hurdle rates, aligning investor and manager interests. Historical returns include 49% IRR on Mercury Portfolio, 29% IRR on Tune Hotels, 21% IRR on Cara Portfolio, and 16% IRR on Monza.
3. Advisory Services: Clearbell provides advisory services to separate account clients including charities, endowments, and family offices, charging advisory fees for portfolio management, asset selection, and strategic advice.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Clearbell Capital is a privately-owned UK real estate fund management and advisory firm that manages £3.4bn of assets across four funds and four separate accounts. It raises capital from institutional investors to deploy into thematic joint ventures, discretionary value-add funds, and bespoke advisory mandates focused on UK logistics, office, residential, and student accommodation assets.

Product overview

Clearbell Capital operates as a private equity real estate fund management and advisory business offering a diversified portfolio of investment products across the UK market. Their offering spans multiple venture types including thematic investments (sector-specific JVs), discretionary funds (value-add co-mingled funds with co-investment), bespoke advisory services for endowments and family offices, and separate account mandates. The product portfolio includes active investment ventures (Clearbell Logistics Platform, Clearbell Affordable Student Accommodation, Clearbell Single Family Housing, LOC8 Maidstone, Grays Inn Road, The Kodak) alongside successfully realized investments (Mercury Portfolio, Cara Portfolio, Tune Hotels, Monza). The company manages approximately £3.4 billion in assets across four funds totaling £1.5 billion of equity and has raised £1.8 billion from four funds and four separate accounts.

Differentiator

Problem solved

Functional benefit

Products and services

• Clearbell Logistics Platform UK-wide logistics aggregator platform targeting 1.5m sq ft of industrial assets. Acquires income-producing assets at below replacement cost with embedded rental growth and ESG improvement potential. Aimed at institutional investors seeking UK logistics exposure.
• Clearbell Affordable Student Accommodation Investment strategy targeting 10,000 affordable Purpose-Built Student Accommodation (PBSA) beds by purchasing first and second generation stock at fractions of replacement cost, refurbishing and letting to price-sensitive students.
• Clearbell Single Family Housing Investment gateway into the emerging single family housing market targeting 1,000 properties. Partners with housebuilders to address slowing new home sales and reduced landlord buyer activity.
• LOC8, Maidstone Highly sustainable logistics hub development on a 49-acre site at Junction 8 M20 in Maidstone. Phase one completed May 2023; Phase two completed October 2024. Features BREEAM certifications, EPC A & A+ ratings, 3,000 solar panels, and biodiversity net gain of 10%.
• 85 Grays Inn Road Life sciences office repositioning at 85 Gray's Inn Road (29,000 sq ft). Retrofit for the rapidly expanding life science market with high-spec M&E, extract flu, dedicated plant space, c.5,000 sq ft floor plates, EPC B, BREEAM 'Very Good', Wiredscore 'Gold'.
• The Kodak Building Grade II listed office retrofit (70,000 sq ft) originally built in 1911 as Kodak's European HQ. Transformed into amenity-rich, energy-efficient workplace with communal roof terrace. Targeting BREEAM 'Excellent', WELL 'Gold', WiredScore 'Platinum', and EPC 'A' certifications.
• Open-Ended Core Plus Mandate Discretionary mandate building a diversified UK real estate portfolio with consistent distributions. Invested in 13 assets focused on industrial and retail warehousing. Delivered 9.8% total return and 310 bps annual outperformance of MSCI benchmark.
• Long Term Endowment Mandate Endowment advisory mandate transforming property portfolio. Reduced asset count, introduced industrial exposure (c.30% of portfolio), sold 45 assets at 9% premium to valuation. Extended in 2023 with focus on ESG improvements and EPC target upgrades.

Quantifiable outcome

• 49% IRR and 2.1x multiple on Mercury Portfolio (2012-2016)
• +8 more outcomes

Named customers22 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Federated HermesminorOthers · 1 April 2026Metro Property Unit Trust managed by Federated Hermes was the vendor for the Banbury and West Byfleet acquisitions totalling 180,000 sq ft. Assets were acquired as part of the logistics platform expansion.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Patron Capital: Pan-European value-add real estate fund manager and Clearbell's 50:50 JV partner on the Mercury Portfolio. Operates in similar mid-market opportunistic/value-add strategies with comparable ticket sizes and UK/EU focus.
• Tristan Capital Partners: London-based European real estate value-add/opportunistic fund manager with comparable AUM scale and institutional LP base. Competes head-to-head for UK and European logistics, office, and residential mandates.
• Brockton Capital: UK-focused real estate fund manager pursuing value-add and opportunistic strategies across commercial, residential, and mixed-use sectors. Closest direct competitor by UK-only focus and mid-market mandate size.
• Frogmore Real Estate Partners: London-based real estate fund manager investing in UK commercial real estate through value-add and opportunistic strategies. Overlapping LP universe and similar sector focus including logistics, office, and retail.

Broad incumbents

• Schroder Real Estate (Schroders Capital): Large incumbent UK and European real estate investment manager with diversified strategies from core to opportunistic. Competes for institutional capital in the UK mid-market alongside Clearbell but with materially broader AUM and product range.
• M&G Real Estate: Major UK and European real estate investment platform within M&G plc. Manages diversified core, value-add, and debt strategies across sectors directly overlapping Clearbell's verticals, including logistics and residential.
• BMO Real Estate Partners: UK and European real estate fund manager within BMO Global Asset Management. Offers comparable value-add and income strategies targeting institutional investors in UK logistics, office, and residential.
• Aviva Investors Real Estate: In-house real estate investment arm of Aviva plc, managing UK and European real estate across core to value-add. Competes for institutional capital in logistics, office, and residential sectors directly addressed by Clearbell.

Others

• Cushman & Wakefield (Investment Management): Global real estate services firm with investment management arm. Provides advisory, valuation, and asset management services to institutional investors in UK real estate, an adjacent service category that overlaps with Clearbell's advisory mandates.
• Knight Frank (Investment Management): Global property consultancy with UK investment management and capital markets advisory. Competes in adjacent advisory and capital-raising services for institutional real estate investors, overlapping Clearbell's separate-account advisory mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/clearbell-capital-llp
• Xx.com/clearbellcap

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Clearbell Capital