Goldman Sachs acquires LCN Capital Partners

Goldman Sachs announced on August 18, 2026, that it has agreed to acquire LCN Capital Partners, a commercial real estate investment manager specializing in sale-leaseback, build-to-suit, and triple net lease transactions, for up to $410 million. The deal includes $260 million in upfront consideration and up to $150 million in deferred and contingent payments tied to performance targets and service commitments. Approximately 80% of the total consideration will be paid in Goldman Sachs equity. LCN, founded in 2011 by Edward V. LaPuma and Bryan York Colwell, manages about $3 billion in assets as of June 30, 2026, serving institutional investors, insurers, and high-net-worth individuals across North America and Europe. Upon closing, LaPuma, Colwell, and their team will join Goldman Sachs Asset Management's Real Estate business. The transaction is expected to close by the end of 2026, subject to regulatory approval. Goldman Sachs was advised by its Global Banking & Markets arm with legal counsel from Wachtell, Lipton, Rosen & Katz and DLA Piper, while LCN was advised by Royal Bank of Canada — RBC Capital Markets with legal counsel from McDermott Will & Schulte. This acquisition is part of Goldman Sachs' broader push to expand its asset management business, following its earlier agreement to acquire NEOS Investments for up to $2.25 billion.