Clarion Partners acquired AlumCreek Holdings, a private equity boutique focusing on special situation commercial real estate investments, spokesman Michael MacMillan said.
Financial terms of the deal were not disclosed. AlumCreek employees will be joining Clarion Partners.
Donald Sheets, AlumCreek founder and managing partner, was named managing director at Clarion Partners, while James R. Pomeranz was named senior vice president and Charles P. Fyfe and Daniel J. Suckewer were named senior analysts. Mr. Pomeranz was executive director at AlumCreek; Messrs Fyfe and Suckewer were analysts.
Mr. Sheets will continue to serve as portfolio manager for the AlumCreek special situation debt strategy, which has about $200 million in assets. He will sit on the investment committee for Clarion's credit business and will report directly to Clarion CEO David Gilbert.
Clarion Partners has $43.3 billion in total assets under management.