Goldman Sachs to Acquire LCN Capital Partners for Up to $410 Million
NEW YORK, Aug. 24. Goldman Sachs agreed to acquire LCN Capital Partners, a commercial real estate investment manager focused on sale-leaseback and net-lease deals, for as much as $410 million, the company disclosed Tuesday. The buyer will pay roughly $260 million at closing, with an earn-out of up to $150 million tied to LCN hitting future performance and service milestones.
Key takeaways
- Goldman Sachs agreed to acquire commercial real estate investment manager LCN Capital Partners for as much as $410 million, disclosed Tuesday, Aug. 24.
- The deal includes roughly $260 million paid at closing plus an earn-out of up to $150 million tied to future performance and service milestones, with about 80% of total consideration paid in Goldman Sachs stock.
- LCN, founded in 2011 by Edward V. LaPuma and Bryan York Colwell, managed approximately $3 billion in assets as of June 30, 2026, across sale-leaseback, build-to-suit, and triple net lease deals in North America and Europe.
- Upon closing, the LCN team will join the real estate business within Goldman Sachs Asset Management, which oversees more than $4 trillion in total assets under supervision as of June 30, 2026.
- Goldman Sachs expects to complete the transaction before year-end 2026, pending regulatory approval and customary closing conditions.
NEW YORK, Aug. 24. Goldman Sachs agreed to acquire LCN Capital Partners, a commercial real estate investment manager focused on sale-leaseback and net-lease deals, for as much as $410 million, the company disclosed Tuesday. The buyer will pay roughly $260 million at closing, with an earn-out of up to $150 million tied to LCN hitting future performance and service milestones.
About 80% of the total consideration will be paid in Goldman Sachs stock. LCN, founded in 2011 by Edward V. LaPuma and Bryan York Colwell, managed approximately $3 billion in assets as of June 30, 2026, drawing capital from institutional investors, insurance companies, and high-net-worth individuals. The firm operates across sale-leaseback, build-to-suit, and triple net lease transactions in North America and Europe.
The deal's structure and rationale
Upon closing, LaPuma, Colwell, and the LCN team will join the real estate business within Goldman Sachs Asset Management, the company said. Goldman Sachs Chairman and CEO David M. Solomon said in a statement that LCN's platform offers asset and wealth management clients diversified return sources while giving corporate clients capital solutions. LaPuma, for his part, said the firm's strategy and commitment to partners remain unchanged; scale is what shifts.
Goldman Sachs anticipates completing the transaction before year-end 2026, pending regulatory approval and customary closing conditions. Goldman Sachs Global Banking and Markets advised the buyer. RBC Capital Markets worked with LCN on the seller side.
Expanding the asset management footprint
The acquisition builds on Goldman Sachs Asset Management's existing real estate business, which the firm established in 1991 and has deployed more than $65 billion in capital since 2012, according to Goldman Sachs. The firm oversees more than $4 trillion in total assets under supervision as of June 30, 2026.
The LCN deal follows Goldman Sachs's agreement earlier this month to acquire NEOS Investments, a provider of options-based income ETFs, in a transaction worth up to $2.25 billion in cash and equity, the company said. The closing of the LCN deal remains subject to regulatory sign-off.