Candriam Group agreed to acquire an additional 31% stake in pan-European real estate investment firm Tristan Capital Partners, in a move that expands its private markets offering, a spokeswoman confirmed.
The value of the deal wasn't disclosed.
When the deal closes in mid-2023, Candriam will hold an 80% stake in the company. The remaining 20% of Tristan will continue to be owned by its senior team. Candriam acquired 9% in 2020, having already taken a 40% stake in the company in 2018.
Tristan, which manages over €15 billion ($16 billion) in assets for institutional and private investors, is set to benefit from the resources, distribution network and scale of both Candriam and its parent firm New York Life Investments after the deal closes.
"Tristan has built a successful business since launching in 2009 while establishing a strong market presence and an impressive track record across European markets," Naim Abou-Jaoude, CEO of Candriam and chairman of New York Life Investment Management International, said in a news release Tuesday, noting asset growth from €7 billion in this period.
Tristan's management leadership and investments process will remain the same after the transaction closes, supported by Candriam, a release said.
Ric Lewis remains executive chairman of Tristan, chairman of the investment committee, and chairman of the holding company. Ian Laming continues as CEO, while Cameron Spry and Mr. Lewis remain co-CIOs.
"This investment will help to facilitate our growth as we look to expand the opportunity set for our clients, people, and partners over the coming years," Mr. Lewis added in the release.
