Goldman Sachs Group Inc. has reached an agreement to acquire LCN Capital Partners, a real estate investment manager concentrating on sale-leaseback, build-to-suit and triple net lease strategies, the firms said Tuesday. LCN manages approximately $3 billion in assets as of June 30, 2026.
The headline consideration for the transaction is about $260 million paid at closing. In addition, the deal carries up to $150 million in deferred and contingent payments that are conditioned on long-term performance targets and service commitments. Roughly 80% of the overall consideration will be delivered in equity.
Leadership and rationale
David M. Solomon, Chairman and CEO of Goldman Sachs, framed the acquisition as a way to broaden client offerings. "LCN’s differentiated platform is highly attractive for our Asset & Wealth Management clients who want diversified sources of returns and offers corporate clients innovative capital solutions," he said.
LCN operates across North America and Europe, originating and managing investments in sale-leaseback, build-to-suit and net lease properties. Its client base includes institutions, insurers and high-net-worth individuals, and its investment approach couples corporate credit analysis with real estate strategies.
Founded in 2011, LCN has raised 10 investment funds. The firm reports an average annual net cash-on-cash return of 10.8% since inception, and says that all of its funds rank in the first or second quartile among closed-end real estate funds for net multiple on invested capital and for distributions to paid-in capital.
Personnel and integration
Upon closing, Edward V. LaPuma and Bryan York Colwell, LCN’s co-founders, will join Goldman Sachs Asset Management’s Real Estate business together with their team. LaPuma described the strategic fit in terms of combining origination capabilities and investment discipline with Goldman Sachs’ broader distribution and client networks. "By combining LCN’s origination network and investment discipline with Goldman Sachs’ unrivaled corporate relationships, global distribution, and client experience teams, we can better serve our investing and tenant partners at a scale no independent firm could match," said LaPuma.
Advisors and timing
RBC Capital Markets acted as financial advisor to LCN, with McDermott Will & Schulte providing legal counsel. Goldman Sachs was advised by Goldman Sachs Global Banking & Markets on the financial side, with Wachtell, Lipton, Rosen & Katz and DLA Piper serving as legal counsel to Goldman Sachs.
The firms said the transaction is expected to close by the end of 2026, subject to regulatory approval and standard closing conditions.
Implications
The deal brings a specialized real estate origination and investment platform into Goldman Sachs Asset & Wealth Management, expanding the firm’s capacity to offer diversified return streams to clients and to provide capital solutions to corporate tenants. The structure of the consideration, with a significant deferred and contingent component paid largely in equity, ties part of the earnout to LCN’s future performance and service delivery within Goldman Sachs.