NEW YORK CITY — The management team of ING Clarion Partners has partnered with Lightyear Capital to acquire the U.S. private market real estate investment management business of ING Group. The acquisition was made for $100 million.
New York City-based Clarion Partners was purchased by Netherlands-based ING Group in 1998 and became the American presence of the company. ING Clarion Partners currently has more than 250 employees in markets throughout the United States as well as a presence in Mexico and Brazil. It controls assets worth more than $22 billion.
Steve Furnary, the current chairman and CEO of Clarion Partners, will continue in his present role and will serve on the board of directors for the firm. Don Marron, chairman of New York City-based Lightyear, will serve as director of the board for the company.
“Lightyear is the perfect partner for Clarion Partners,” Furnary said in a statement. “The Lightyear team members are specialists in the financial services industry and have great insights into our business. Lightyear understands and relates well to our strong fiduciary culture. The partner with firms that share their commitment to integrity and to producing superior investment results for their investors.”
— Coleman Wood