Lightyear Capital will acquire real estate investment management firm Clarion Partners from ING Group. Lightyear is partnering with the management of Clarion Partners on the buyout. Financial terms of the deal were not released. Founded in 1982, Clarion Partners has more than $22 billion in assets. Lightyear is based in New York.
Lightyear Capital and the management of Clarion Partners, a premier real estate investment management firm, have reached agreement with ING Group to acquire the US-based real estate firm. Lightyear is a leading New York-based private equity firm focused on financial services investing.
Founded in 1982, Clarion Partners has broad market reach in the Americas, with more than 250 employees in major markets throughout the U.S. and a presence in Mexico and Brazil. With assets of more than $22 billion, Clarion manages private equity real estate across a broad range of products and strategies for institutional and individual investors.
Steve Furnary, Chairman & CEO of Clarion Partners, will continue in his current role and serve on the Board of Directors of the firm, together with Lightyear’s Chairman, Don Marron, who will serve as Lead Director on the Board.
“We are thrilled to partner with the management team of Clarion Partners in executing their long term vision for the company.” said Mr. Marron. “We are very excited about the growth prospects in the investment management and commercial real estate industries. Clarion has a very strong management team that has performed extremely well in varying market conditions. We believe the future is extremely bright for Clarion.”
“Lightyear is the perfect financial partner for Clarion Partners”, said Mr. Furnary. “The team at Lightyear are specialists in the financial services industry and have great insights into our business. Lightyear understands and relates well to our strong fiduciary culture. They partner with firms that share their commitment to integrity and to producing superior investment results for their investors.”
About Lightyear Capital
Lightyear Capital is a leading private equity firm making primarily control investments in North America-based, middle-market financial services companies. Based in New York, Lightyear, through its affiliated funds, has managed approximately $3 billion of committed capital with investments across the financial services spectrum, including asset management, banking, brokerage, financial technology, insurance, and specialty finance. Lightyear brings unique strengths and discipline to its investment process, as well as operating, transaction, and strategic management experience, along with significant contacts and resources beyond capital. The senior team of professionals averages over 25 years of financial services-related experience and includes Chris Casciato, David Cynn, Michael Doppelt, Stewart Gross, Thierry Ho, Donald Marron, Richard Sterne, and Mark Vassallo.