Tuesday, 1 September 2015
Last updated 11 hours ago
Feb 15 2011 | 9:04am ET
New York-based private equity firm Lightyear Capital has teamed with the management of real estate investment firm Clarion Partners to buy the company.
Lightyear and the Clarion team will acquire the firm from ING Group for an undisclosed amount.
Founded in 1982, Clarion Partners has 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 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 Capital specializes in 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.
May 27 2015 | 2:15pm ET
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