Goldman Sachs agreed to acquire LCN Capital Partners, an investment manager specializing in triple-net lease and sale-leaseback real estate, for $260 million in upfront consideration. The firm announced the deal on August 18, 2026. LCN manages approximately $3 billion in assets under supervision as of June 30, 2026, primarily for institutions, insurers and high-net-worth individuals.
The transaction includes up to $150 million in deferred and contingent payments tied to long-term performance targets and service commitments. Approximately 80% of the total consideration will be paid in Goldman Sachs equity. The deal is expected to close by the end of 2026, subject to regulatory approval.
LCN originates, negotiates and manages sale-leaseback, build-to-suit and net-lease investments across North America and Europe. The firm combines corporate credit and real estate to deliver what it describes as predictable, inflation-protected and tax-advantaged income. Its tenant clients use the structures as an alternative capital source to unlock capital tied up in property.
Founded in 2011, LCN has raised 10 investment funds. The firm calculates performance across its platform as an average annual 10.8% net cash-on-cash return since inception. All of its funds rank in the first or second quartile of performance among closed-end real estate funds, both by net multiple on invested capital and distributions to paid-in capital, the firm said.
LCN co-founders Edward V. LaPuma and Bryan York Colwell, who have more than 30 years of experience in the triple-net lease sector, will join Goldman Sachs Asset Management's real estate business along with the LCN team. The firm's investment strategy and commitments to capital and corporate partners remain unchanged, LaPuma said.
"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 — and become an industry leading platform in triple net lease investing," LaPuma said.
The global market for corporate real estate sale-leasebacks is substantial. North America and Europe hold an estimated $14 trillion of corporate-owned property on company balance sheets. Only a fractional percentage of that amount trades annually through net-lease structures. Companies increasingly seek private-market solutions to monetize real estate and fund strategic growth, making sale-leaseback and build-to-suit transactions an attractive source of flexible capital.
Goldman Sachs Chairman and CEO David M. Solomon said LCN's platform complements the firm's private real estate team, which has a 30-year track record. "Their focus complements our private real estate team's broad 30-year track record and will expand our ability to serve our insurance, institutional, and wealth client segments," Solomon said.
Investor demand for the triple-net lease asset class is growing globally. Funds focused on sale-leaseback and build-to-suit investments appeal to institutions, insurers and individual investors because of their stable, contractual and long-dated income, inflation-protected returns and tax-advantaged distributions. Goldman Sachs Asset Management's client franchise will strengthen LCN's capital base, which draws from pension, insurance, family office and high-net-worth channels.
The acquisition expands Goldman Sachs' durable revenue streams and reinforces its commitment to comprehensive investment solutions for institutional and individual clients. Goldman Sachs Global Banking & Markets advised Goldman Sachs as financial advisor. Wachtell, Lipton, Rosen & Katz and DLA Piper served as legal counsel. RBC Capital Markets advised LCN as financial advisor, with McDermott Will & Schulte as legal counsel.