Goldman Sachs Group Inc. agreed to acquire LCN Capital Partners, a real estate investment manager specializing in sale-leaseback, build-to-suit, and triple net lease transactions, for a total consideration of up to $410 million.
The deal comprises approximately $260 million in upfront payment and up to $150 million in deferred and contingent payments tied to long-term performance targets and service commitments. About 80% of the total consideration will be settled in Goldman Sachs equity.
LCN Capital Partners, founded in 2011, oversees roughly $3 billion in assets under management as of June 30, 2026, and operates across North America and Europe. The firm serves institutions, insurers, and high-net-worth individuals, with a track record of raising 10 investment funds. Since inception, LCN’s closed-end real estate funds have delivered average annual net cash-on-cash returns of 10.8%, ranking consistently in the top quartiles for net multiple on invested capital and distributions to paid-in capital.
Goldman Sachs expects the transaction to close by the end of 2026, subject to regulatory approval and customary closing conditions. The acquisition aligns with Goldman Sachs’ strategy to expand its real estate investment capabilities and enhance its asset and wealth management offerings.
David M. Solomon, chairman and CEO of Goldman Sachs, said the deal strengthens the firm’s ability to provide diversified return sources for asset and wealth management clients while offering corporate clients innovative capital solutions. Edward V. LaPuma and Bryan York Colwell, co-founders of LCN, will join Goldman Sachs Asset Management’s Real Estate business alongside their teams.
RBC Capital Markets advised LCN on the transaction, while McDermott Will & Schulte served as legal counsel. Goldman Sachs Global Banking & Markets provided financial advisory to Goldman Sachs, with Wachtell, Lipton, Rosen & Katz and DLA Piper acting as legal counsel.
