Goldman Sachs Buys LCN Capital Partners to Boost Asset & Wealth Management

The Goldman Sachs Group, Inc. (GS) has entered an agreement to acquire LCN Capital Partners as part of its strategy to scale Asset & Wealth Management (AWM) and increase recurring, fee-based revenues.

This move is in line with Goldman's efforts to reduce earnings volatility by expanding capital-light, fee-generating businesses and reducing balance-sheet-intensive investing. Since 2020, the company has doubled its more durable revenues while reducing historical principal investments by over 90% from $64 billion to $6 billion.

The AWM segment has seen a 12% Compound Annual Growth Rate (CAGR) since 2021 and rose 15% year-over-year in the first six months of 2026. Goldman's acquisition of LCN strengthens its Asset & Wealth Management business by adding a specialist platform in sale-leaseback, build-to-suit, and triple-net-lease investments.

The planned buyout underscores Goldman's continued focus on expanding the AWM business and building a more durable revenue base. Alongside its prior acquisitions and strategic partnerships, the latest move reflects GS' disciplined approach to adding differentiated investment capabilities that can attract third-party capital and generate recurring management fees.