Goldman Sachs Group has agreed to acquire LCN Capital Partners, a real estate investment manager, in a deal worth up to $410m.
LCN is active in sale-leaseback, build-to-suit and triple net lease transactions. It was established in 2011 and has raised 10 funds.
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As of 30 June 2026, the firm supervised about $3bn in assets, with most of its capital coming from institutions, insurers and high-net-worth individuals.
LCN operates across North America and Europe, where it sources, structures, invests in and manages sale-leaseback, build-to-suit and net lease assets.
Its approach spans both corporate credit and property.
The model is designed to provide investors with income and potential gains, while giving tenant companies another way to access capital from property holdings.
Goldman Sachs CEO and chairman David M. Solomon said: “LCN’s differentiated platform is highly attractive for our Asset & Wealth Management clients who want diversified sources of returns and offers corporate clients innovative capital solutions.
“Their focus complements our private real estate team’s broad 30-year track record and will expand our ability to serve our insurance, institutional, and wealth client segments.”
LCN’s investment team is led by co-founders Edward V. LaPuma and Bryan York Colwell.
After the deal closes, LaPuma, Colwell and the rest of the LCN team will join the real estate unit within Goldman Sachs Asset Management.
LaPuma said: “Our team, our strategy, and our commitment to our partners, both capital and corporate, remain unchanged — what changes is the scale of our ambition.
“By combining LCN’s origination network and investment discipline with Goldman Sachs’ unrivalled corporate relationships, global distribution, and client experience teams, we can better serve our investing and tenant partners at a scale no independent firm could match — and become an industry leading platform in triple net lease investing.”
The agreed upfront payment is about $260m. The deal also includes up to roughly $150m in deferred and contingent payments, depending on the fulfilment of certain long-term performance targets and service commitments.
The deal is due to complete by the end of 2026, subject to regulatory approval and other closing conditions.
Earlier this month, Goldman Sachs agreed to acquire NEOS Investments, a firm focused on systematic options-based income exchange-traded funds (ETFs).
The consideration totals up to $2.25bn in cash and equity, subject to certain performance and/or service commitments.
As of 30 June 2026, NEOS oversaw $30bn in assets across 19 options-based income ETFs. The firm was established in 2022.
