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.