Tetragon exits 16-year GP Stake investment in BentallGreenOak (BGO)

BentallGreenOak (BGO) is a global real estate investment management advisor and provider of real estate services, managing approximately $90 billion USD in assets across office, industrial, multi-residential, retail and hospitality properties

In 2010, Tetragon partnered with then-called GreenOak Real Estate’s Co-Founders Sonny Kalsi and John Carrafiell to help launch the joint venture, providing working capital, co-investment capital and operating infrastructure

In 2018, Tetragon announced that it was merging GreenOak Real Estate with Bentall Kennedy, Sun Life Financial Inc.'s North American real estate and property management firm, to form Bentall GreenOak under Sun Life Investment Management. Tetragon maintained nearly 13% ownership in Bentall GreenOak

Today, the BGO platform has scaled to approximately $90 billion in assets under management and more than 750 clients and partners globally, across 12 countries

According to Tetragon’s annual report published March 5th, the value of Tetragon’s remaining stake in the business was $325.1 million, representing 7.7% of its investments (as of 31st December 2025). The exercising of the put/call option effectively monetizes that GP stake. Additionally, in February 2026, Tetragon agreed with Sun Life Financial to relinquish certain ongoing rights it held in BGO in return for a payment of $155.0 million. These proceeds are separate and additional to the proceeds receivable in connection with the call exercise. Tetragon retains its ownership of carried interest in all existing GreenOak and BGO real estate funds and well as its LP interests in a number of these funds