Candriam Group, a New York Life Investments Company, has reached an agreement to purchase an additional 31% interest in pan-European real estate investment manager Tristan Capital Partners, taking its total investment to 80% by mid-2023.
The remaining 20% of Tristan will continue to be held by the company's senior team.
Candriam first took a 40% stake in Tristan in February 2018, to spearhead its move into European private equity.
Tristan, which manages over €15 bn of assets for institutional and private investors, will maintain investment management autonomy as it has done for the past five years, while benefiting from the operating and financial resources, distribution network and scale of both Candriam and New York Life Investments, according to details released by the firm.
There will be no changes to Tristan's management leadership, investment process or investment strategies.
Ric Lewis will continue as executive chair of Tristan, chair of the investment committee, and chair of the holding company. Ian Laming will continue as CEO, while Cameron Spry and Lewis will continue as co-CIOs.
Naïm Abou-Jaoudé, CEO of Candriam and chairman of New York Life Investment Management International, commented: '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 €7 bn to over €15 bn. We are excited to support Tristan in its next phase of growth.'
Added Lewis: '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.
'Our business is well positioned for growth ahead of the next European real estate cycle; we completed our largest ever capital raise in our latest opportunistic fund, we’ve successfully diversified the business to include debt strategies, and we have dry powder across all our fund series.
'This investment will help to facilitate our growth as we look to expand the opportunity set for our clients, people, and partners over the coming years.'