Goldman Sachs Asset Management, New York, is taking a minority equity investment in Slate Asset Management, a Toronto-based alternatives firm with more than $6.3 billion in assets under management.
Slate focuses on real estate and real assets and has completed more than $11 billion in transactions across Canada, the U.S. and Europe, said a news release Monday.
GSAM's investment in Slate will provide the alternatives manager with capital to enhance its platform and increase its general partner investments in current and future businesses and investment vehicles, the news release said.
GSAM invested in the firm through its Petershill program, which provides strategic capital to midsize asset management firms and has raised more than $5 billion of commitments since inception.
"This investment in our platform is an endorsement of our people, our strategy and our future," said Brady Welch, co-founder of Slate, in a statement in the news release. "For our investors and our team, this is excellent news; our strategy and model remain the same, and we can now benefit from our new relationship with Goldman."
Slate was founded by Blair and Brady Welch in 2005 and offers investment opportunities through various vehicles, including private equity funds, institutional separate accounts and Toronto Stock Exchange-listed real estate investment trusts.
GSAM had more than $1 trillion in assets under supervision as of June 30.