Asset management firm Candriam Group has signed a deal to acquire an additional 31% stake in real estate investment manager Tristan Capital Partners.
With presence across Europe, Tristan currently manages around €15bn of assets on behalf of institutional and private investors.
The latest deal allows Candriam to become a majority shareholder in Tristan and increases its total stake in the firm to 80% by mid-2023.
Tristan’s senior team will continue to hold the remaining 20% stake in the firm.
The company will not make any changes to its investment process or strategies, following the completion of the deal.
Its existing management will retain their positions, with Ric Lewis continue to serve as executive chair of Tristan as well as chair of the investment committee and the chair of the holding company.
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Ian Laming will also continue to work as CEO, while Cameron Spry and Ric Lewis will retain their roles as co-CIOs at Tristan.
The deal, which is subject to the approval of certain closing conditions, helps Candriam, which is owned by New York Life Investments, to further boost its private assets solutions.
In 2018, Candriam first bought a 40% equity stake in Tristan to enter the European private equity property investment management sector.
Lewis said: “Tristan, Candriam, and New York Life Investments first entered into a strategic partnership five years ago.
“During this time, we have built a powerful alliance based on mutual respect and the understanding of the importance of preserving Tristan’s entrepreneurial culture, investment philosophy, and discipline.
“This next step is a testament to the success of our partnership to date.”