Rithm Capital to buy alternative asset manager Sculptor Capital Management

• New York City-based Rithm Capital is an asset manager focused on the real estate and financial services industries
• When the deal closes, Sculptor will operate as a subsidiary of Rithm and continue to be led by Jimmy Levin, as CIO and executive managing partner
• The transaction is expected to close in the fourth quarter of 2023

Rithm Capital has agreed to acquire Sculptor Capital Management, an alternative asset manager. The deal is valued at about $639 million.

New York City-based Rithm Capital is an asset manager focused on the real estate and financial services industries.

“This transaction is transformational for Rithm,” said Michael Nierenberg, chairman, CEO and president of Rithm Capital in a statement. “Sculptor’s $34 billion of AUM coupled with Rithm’s $7bn of permanent equity capital and $30+ billion balance sheet creates a world-class asset management business. We are very excited to bring together two organizations with strong track records, excellent management teams, and seasoned investment professionals.”

Upon completion of the transaction, Sculptor will operate as a subsidiary of Rithm and will continue to be led by Jimmy Levin, as CIO and executive managing partner.

The transaction is expected to close in the fourth quarter of 2023.

Citi acted as financial advisor to Rithm and Skadden, Arps, Slate, Meagher & Flom LLP and Debevoise & Plimpton LLP served as legal counsel to Rithm. PJT Partners acted as financial advisor and Latham & Watkins LLP acted as legal counsel to Sculptor’s Special Committee. J.P. Morgan Securities LLC acted as financial advisor and Weil, Gotshal & Manges LLP acted as legal counsel to Sculptor.

Sculptor has offices in New York, London and Hong Kong.