Artemis Real Estate Partners, a woman-led Washington D.C.-based firm that controls more than $11B worth of assets, is being purchased by investment management company Barings.

The transaction is expected to close sometime in Q1, Barings announced Tuesday. Terms of the deal were not disclosed.

The acquisition will bring Barings’ assets under management to more than $60B, an increase of about 20%, PERE reported.

“We will create a more powerful platform for our investors as Artemis, a Barings company,” Artemis co-founder and co-CEO Deborah Harmon said in a statement.

Harmon and co-CEO Alex Gilbert will continue to lead Artemis as a branch of Barings.

“Artemis’ track record and best-in-class value-add skill set was a significant driver in the transaction,” Barings Head of U.S. and European Real Estate John Ockerbloom told PERE.

“Our hope is to add significant investment capacity to our combined real estate equity strategies, particularly the value-add and core-plus strategies that Artemis has such a strong reputation for.”

Harmon started Artemis in 2009 with Penny Pritzker, who went on to serve as U.S. Secretary of Commerce for the Obama administration. The pending sale ends Artemis’ status as an independent, female-led firm, a rarity in the real estate private equity sector.

The firm fielded $2.2B from investors through its Artemis Fund IV in June 2023, which was its largest haul at the time.

Artemis was focused, in part, on distressed properties, which led to its purchase of Metropolitan Square at 655 15th St. NW in Washington, D.C., the following October. The office building one block from the White House was acquired from former owners Blackstone as well as Boston Properties, which is now known as BXP.