Cerberus Sells Tenet Equity to CBRE Investment Management for $1.6 Billion

Formed by Cerberus and Management in 2021, Tenet Established Itself as a National Net Lease Investment Platform with Market-Leading Origination and Portfolio Management

NEW YORK, Sept. 8, 2026 /PRNewswire/ -- Cerberus Capital Management, L.P. (together with its affiliates, "Cerberus"), a global alternative investment firm with established corporate credit and real estate platforms, today announced that certain funds and accounts have sold Tenet Equity ("Tenet" or the "Company") to CBRE Investment Management, which is making its investment on behalf of several of its investment strategies, for $1.6 billion.

Cerberus founded Tenet in 2021 alongside Executive Partners Nick Eggert and Andrew Gallagher assembling a best-in-class management team and scaling the Company into a market-leading provider of triple net lease financing to middle-market companies and financial sponsors across the United States. Over the past five years, Tenet experienced tremendous growth and established an outstanding reputation as a trusted capital partner, valued for the speed, certainty, and the creativity it brings to complex transactions. Tenet's current portfolio includes over 200 properties totaling approximately 12 million square feet across 39 states, 26 industries, and more than 65 tenants. 

"We are proud to have established Tenet as a reliable source of triple net lease financing for growing middle-market companies across the U.S.," said Tom Wagner, Head of North American Real Estate at Cerberus. "Tenet has grown significantly under our leadership and delivered significant value for both our investors and its customers."

Bob Davenport, Global Head of Corporate Credit at Cerberus, added: "The net lease asset class sits at the intersection of corporate credit and real estate, and Tenet's success is a great illustration of the successful collaboration that takes place across the Cerberus platform. Our credit and real estate teams worked alongside management together to build Tenet, and we're confident Tenet is well positioned for substantial growth and success going forward."

Chris Volk, Chairman of the Board of Tenet Equity, commented: "Cerberus was an ideal financial partner from the beginning, delivering a combination of capital, business knowledge and net lease market expertise. In just a few years, Nick, Andrew, and our team have grown the company from an idea to an established, scaled, diversified, market-leading company with a deep and talented team."

Nicholas Eggert, founding Chief Executive Officer of Tenet, concluded: "Tenet's success and achievements owe much to Cerberus, who have been exceptional partners from day one. Today, our scale, diversity and investment-grade capital access, has Tenet exceptionally well positioned for future growth."

Evercore served as exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to Cerberus.

About Cerberus Capital Management

Founded in 1992, Cerberus is a global alternative investment firm with approximately $72 billion in assets across complementary credit, real estate, and private equity strategies. The firm invests across the capital structure where it believes its integrated investment platforms and proprietary operating capabilities can help improve performance and drive long-term value. Cerberus' tenured teams have experience working collaboratively across asset classes, sectors, and geographies as they seek to achieve strong risk-adjusted returns for investors. For more information, visit www.cerberus.com.

About Tenet Equity

Tenet Equity is a provider of long-term, flexible real estate capital for middle-market companies nationwide. Through net lease investment and sale-leaseback solutions, Tenet helps companies unlock value from owned real estate while maintaining operational control of mission-critical facilities. Tenet Equity was founded in 2021 by Nicholas Eggert CEO and Andrew Gallagher, CIO, and is headquartered in Scottsdale, Arizona. For more information, visit www.tenetequity.com.

Media Contacts

Cerberus
Jason Ghassemi
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SOURCE Cerberus Capital Management, L.P.