Goldman Sachs Closes in on LCN Capital Partners Acquisition

Goldman Sachs Group (NYSE: GS) has agreed to acquire LCN Capital Partners in a deal valued at up to $410 million, expanding its asset management platform. This is the second major asset management deal for Goldman Sachs announced in the same week, reinforcing its focus on diversified, recurring fee revenue within its $4 trillion asset management division.

The planned transaction will add LCN's sale-leaseback, build-to-suit and net-lease capabilities to Goldman Sachs Asset Management's commercial real estate offering. This move aligns with Goldman Sachs' push to grow fee-based, recurring income inside its asset management division.

The acquisition is expected to close by the end of 2024. Investors will be tracking how quickly LCN-related strategies show up in Goldman Sachs Asset Management fundraising and fee revenue once the deal closes.