Global multi-specialist asset manager Candriam is to become a majority shareholder in Tristan Capital Partners with the acquisition of an additional 31% stake.
Candriam said it has agreed to acquire the additional interest in the €15bn pan-European real estate investment manager, taking its total investment to 80% by mid-2023. Tristan’s senior team will continue to hold the remaining 20% of the company.
Financial details were undisclosed.
Candriam, owned by New York Life Investments, made its first European private equity real estate investment in 2018 with the acquisition of a stake in Tristan. At the time, Candriam said it also had a first option to increase its interest in the future.
Candriam said owning a majority stake in Tristan is in line with Candriam’s growth plan to further expand its private assets offering through the partnership. There will be no changes to Tristan’s investment strategies or management leadership, it added.
Candriam’s multi-specialist capabilities include investment solutions in sustainable investments, fixed income, equities, asset allocation, absolute return strategies, private credit, and real estate.
Naïm Abou-Jaoudé, CEO of Candriam and chairman of New York Life Investment Management International, said: “Tristan has built a successful business since launching in 2009 while establishing a strong market presence and an impressive track record across European markets.
”Our shared core values and culture have served to strengthen our partnership over the past five years, over which time Tristan has grown its assets under management from €7bn to over €15bn. We are excited to support Tristan in its next phase of growth.”
Ric Lewis, founder, executive chairman and co-CIO of Tristan Capital Partners, 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.”
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