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New York Life affiliate Candriam takes 40% stake in Tristan

By Paul Norman - Friday, February 09, 2018 8:41

New York Life affiliate Candriam Investors Group, a pan-European multi-specialist asset manager, has bought a 40% stake in Tristan Capital Partners with a first option to increase it in the future.

Candriam Investors Group, which has over €112bn of assets under management, announced the strategic partnership with Tristan Capital Partners this morning.

Tristan will retain its existing management and investment autonomy while benefiting from the operating and financial resources, distribution network, and scale of Candriam and New York Life.

Tristan is a European real estate manager with €9.1bn of AUM. The strategic partnership represents Candriam’s first move into European private equity real estate investment management. Candriam is an affiliate of New York Life Investment Management.

The strategic partnership with Tristan enables Candriam to add real estate it said, describing it as "a major asset class which continues to attract strong institutional investor demand, to its multi-specialist offerings. Candriam’s existing offerings include investment solutions in fixed income, equities, alternatives, sustainable investments and asset allocation strategies".

Tristan is a pan-European private equity real estate boutique with 105 professionals in eight locations. The firm offers what it terms a "distinctive research-led approach to investing capital, and has an 18-year track record, with total investments approaching €15bn".

Yie-Hsin Hung, CEO of New York Life Investment Management LLC, said: “We are fully supportive of Candriam’s expansion into the real estate market with Tristan Capital Partners. The boutiques within our growing global asset management business offer a powerful, diverse range of insights and differentiated strategies to our clients, and this strategic partnership further demonstrates our commitment to expanding our alternatives capabilities.”

Naïm Abou-Jaoudé, CEO of Candriam and Chairman of New York Life Investment Management International, said: “As we grow our investment offerings and operations in Europe, we continue to seek strategic relationships and acquire complementary capabilities. Tristan Capital Partners is a true expert real estate manager. They have built an impressive track record and a strong and loyal client portfolio. Both our firms share the same values and strong corporate culture that have shaped our respective success. I am convinced that this strategic partnership will allow Tristan to further accelerate growth and capitalise on the growing demand for real estate investments.”

Ric Lewis (pictured above), chairman and Co-CEO of Tristan Capital Partners, added: “Through the strategic partnership with Candriam, we will be in an even stronger position to pursue our current and future business plan and to offer more attractive opportunities, products and strategies to our existing and future clients. With its complementary multi-specialist model, Candriam provides an excellent strategic fit and an opportunity to combine our specialist European market knowledge with a leading global investment platform. Candriam and New York Life are strong partners for Tristan, our clients and our future growth. Their culture of investment management excellence and commitment to exemplary investment performance, client service and the development of new strategies and capabilities to serve clients’ emerging needs were the factors that ultimately led to this strategic partnership.”

Hodes Weill Securities acted as the exclusive financial advisor to Tristan.

Tristan Capital Partners is an employee-owned investment management boutique specialising in real estate investment strategies across the UK and Continental Europe. Tristan’s pan-European real estate funds include core-plus and value-added/opportunistic strategies with total assets under management of over €9bn.

Tristan is the portfolio manager for core plus funds Curzon Capital Partners III, Curzon Capital Partners IV and Tristan’s pioneering 'long life' CCP 5 LL; and for the private equity funds European Property Investors, LP, European Property Investors Special Opportunities, LP and European Property Investors Special Opportunities 3, LP and European Property Investors Special Opportunities 4 LP. Tristan’s headquarters are in London and it has offices in Luxembourg, Milan, Paris, Stockholm, Frankfurt, Madrid, and Warsaw.

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