Global alternative asset manager The Carlyle Group has bought New York-based Metropolitan Real Estate Equity Management, a global manager of real estate funds of funds.

Financial terms were not released. The transaction, subject to Metropolitan’s investors’ consent, is expected to close in November 2013.

Metropolitan has 40 employees with five offices in the US, Europe and Asia. The firm will become part of Carlyle’s Solutions platform, which also includes AlpInvest, the $48 billion private equity fund of funds operation.

Metropolitan’s current management team, led by David Sherman, will remain in place. In addition to his role as co-chief investment officer, he will also become head of real estate within the Solutions platform. He and his team will continue to run the investment committee and make all investment decisions.

The Carlyle Group has $180 billion of assets under management across 118 funds and 81 fund of funds vehicles as of June 30, 2013.  

“This adds an important capability to our growing Solutions business, strengthens our intellectual capital in global real estate, and immediately contributes to our corporate bottom line,” said Jacques Chappuis, Carlyle managing director and head of the Solutions group.