--- title: "Goldman Sachs to acquire LCN Capital Partners in New York; Expands NNN platform into North America and Europe" sdDatePublished: "2026-08-18T13:14:00Z" source: "https://www.goldmansachs.com/pressroom/press-releases/2026/goldman-sachs-announces-agreement-to-acquire-lcn-capital-partners" topics: - name: "business restructuring" identifier: "medtop:20001366" - name: "merger or acquisition" identifier: "medtop:20000204" - name: "real estate" identifier: "medtop:20000241" - name: "asset management" identifier: "medtop:20001162" - name: "financial and business service" identifier: "medtop:20000271" - name: "financial service" identifier: "medtop:20001370" locations: - "United States" --- Goldman Sachs to acquire LCN Capital Partners in New York; Expands NNN platform into North America and Europe Goldman Sachs Announces Agreement to Acquire LCN Capital Partners | Goldman Sachs We harness every resource, insight, relationship, and competitive advantage to drive superior results for our clients. Goldman Sachs’ weekly newsletter, offering economic and markets analysis from across the firm. Subscribe now. We help entrepreneurs create jobs and economic opportunity through rigorous business education programs, access to capital, and networking. Goldman Sachs Announces Agreement to Acquire LCN Capital Partners Leading independent triple net lease (NNN) platform across North America and Europe with growth opportunities across products, investor segments, and geographies. NEW YORK – August 18, 2026 – The Goldman Sachs Group, Inc. (“Goldman Sachs”) (NYSE:GS) today announced that it has entered into an agreement to acquire LCN Capital Partners (“LCN”), a leading investment manager specializing in the sale-leaseback, build-to-suit, and triple net lease sectors of the real estate market. LCN has approximately $3 billion in assets under supervision (AUS) as of June 30, 2026, primarily from institutions, insurers, and high-net-worth (HNW) individuals. “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,” said David M. Solomon, Chairman and CEO of Goldman Sachs. “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.” LCN originates, negotiates, invests in, and manages sale-leaseback, build-to-suit, and net lease investments across North America and Europe. Their hybrid strategy combines corporate credit and real estate to offer its investing partners predictable, inflation-protected, and tax-advantaged income plus upside potential. Simultaneously it provides its tenant-clients with an alternative capital source to enhance balance sheet efficiency by unlocking capital tied up in property. Founded in 2011, LCN has raised 10 investment funds that aim to outperform credit and real estate alternatives. LCN calculates performance across its platform as an average annual 10.8% net cash-on-cash returns since inception.¹ Furthermore, the funds on its platform all place in the first or second quartile of performance among closed-end real estate funds² from both a net multiple on invested capital (MOIC) and distributions to paid-in capital (DPI) perspective. LCN’s investment team, led by co-founders Edward V. LaPuma and Bryan York Colwell, has more than 30 years of experience in the triple net lease sector and has built a highly scalable platform with significant operating leverage. Upon completion of the transaction, Edward V. LaPuma, Bryan York Colwell, and the LCN team will join the Real Estate business within Goldman Sachs Asset Management. “Our team, our strategy, and our commitment to our partners, both capital and corporate, remain unchanged — what changes is the scale of our ambition,” said Edward V. LaPuma, Co-Founder of LCN Capital Partners. “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.” The global market opportunity for investment into sale-leaseback remains significant, with an estimated $14 trillion of corporate-owned property on corporate balance sheets in North America and Europe alone. Yet, across core and high-growth sectors, only a fractional percentage of this amount is transacted annually through net lease structures. As companies increasingly seek private market solutions to monetize real estate assets and fund strategic growth, sale-leaseback and build-to-suit transactions continue to represent an attractive source of flexible capital. This combination will amplify LCN’s longstanding relationships with corporations and developers by accessing Goldman Sachs’ Global Banking & Markets corporate origination capabilities. At the same time, investor demand for the NNN asset class is growing globally. Funds focused on sale-leaseback and build-to-suit investments are attractive to a broad mix of institutional, insurance, and individual investors, owing to the products’ stable, contractual, and long-dated income, inflation-protected returns, and tax-advantaged capital distributions. Goldman Sachs Asset Management’s global client franchise will further strengthen LCN’s committed capital base, which is supported by longstanding limited partner relationships across pension, insurance, family office, and high-net-worth investor channels. The acquisition strategically expands the firm’s more durable revenues and reinforces its commitment to offering institutional and individual investors comprehensive solutions. The upfront transaction consideration is approximately $260 million. In addition, there is up to approximately $150 million of deferred and contingent consideration, subject to the achievement of certain long-dated performance targets and service commitments. Approximately 80% of the total consideration is payable in equity. The transaction is expected to close by the end of 2026, subject to regulatory approval and closing conditions. Goldman Sachs was advised by Goldman Sachs Global Banking & Markets as financial advisor and Wachtell, Lipton, Rosen & Katz and DLA Piper as legal counsel. LCN was advised by RBC Capital Markets as financial advisor and McDermott Will & Schulte as legal counsel. About Goldman Sachs Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. About Goldman Sachs Asset Management Goldman Sachs Asset Management is the primary investing area within Goldman Sachs, delivering investment and advisory services across public and private markets for the world’s leading institutions, financial advisors, and individuals. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. Goldman Sachs Asset Management is a leading investor across fixed income, liquidity, equity, alternatives, and multi-asset solutions. Goldman Sachs oversees more than $4.0 trillion in assets under supervision as of June 30, 2026. Follow us on LinkedIn. About Real Estate at Goldman Sachs Alternatives Goldman Sachs is one of the leading investors in alternatives globally, with over $706 billion in total alternative assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, venture capital, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Established in 1991, Real Estate at Goldman Sachs Alternatives is one of the leading investors in real estate with over $65 billion in capital invested since 2012 across the spectrum of investment strategies from core to opportunistic and credit. The global team invests across all sectors with deep expertise across the capital structure, in assets ranging from single properties to large portfolios, through senior mortgages, mezzanine debt and equity. Follow us on LinkedIn . Goldman Sachs Media Relations Victoria Zarella +1 212 902 5400 victoria.zarella@gs.com Goldman Sachs Investor Relations Jehan Ilahi +1 212 902 0300 jehan.ilahi@gs.com 1 Based on net returns as calculated by LCN as of March 31, 2026 for LCN’s fully-invested flagship funds. Returns are denominated in U.S. dollars for the North America funds and Euros for the Europe funds. 2 Quartiling is based on MSCI Private Capital Data (formerly Burgiss) as of March 31, 2026, with each fully-invested LCN flagship fund compared to its corresponding North America closed-end real estate vintage peer universe or Europe closed-end real estate vintage peer universe. LCN and peer returns are denominated in U.S. dollars for North America funds and Euros for Europe funds. LCN’s net MOIC, which is calculated as (LP Inception-to-Date Distributions + Unrealized Value Post-Carry) (Inception-to-Date Contributions), is benchmarked against MSCI Private Capital total value to paid-in capital (TVPI) returns data. 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