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August 20, 2019

Goldman Sachs picks stake in Slate Asset Management

Goldman Sachs Asset Management (GSAM) has taken a passive, non-voting minority equity stake in Canada’s Slate Asset Management.

The investment was made through GSAM’s Petershill programme, which focuses on offering financial assistance to mid-sized asset managers.

Financial terms of the deal were not divulged.

Using the investment from GSAM, Slate intends to develop its platform and increase its investments in businesses and investment strategies.

A real-estate focused alternative asset management platform, Slate manages more than $6bn in assets.

Its founders Blair and Brady Welch made a long-term commitment to the business.

Blair Welch stated: “Since we started Slate nearly 15 years ago, we have showed that we can build tremendous value by providing our investors with a unique perspective, focusing on the fundamentals of the assets we acquire and delivering hands-on management that is innovative and creative.

“With our new relationship with Goldman Sachs, Brady and I are enthusiastic about what all of us at Slate can accomplish together over the next decade and beyond.”

The management team of Slate will be retained. The firm’s daily operations and decision making will also continue to be the same.

GSAM Petershill programme managing director Robert Hamilton Kelly said: “Slate Asset Management is an incredibly innovative, dynamic real-estate focused alternative asset management platform.

“We are big believers in the strategy, the team and the model.”

At the end of last year, GSAM bought a minority stake in private investment firm Harvest Partners through the Petershill programme.

Other recent deals of GSAM include the acquisition of Standard & Poor’s investment advisory services business and Rocaton Investment Advisors.

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