Pioneering alternative asset manager to acquire minority stake in Townsend as part of strategic partnership that will expand Townsend’s distribution to the U.S. private wealth channel
NEW YORK, May 1, 2024 /PRNewswire/ — Bluerock has announced that it has entered into a definitive agreement for an investment in, and strategic partnership plans with The Townsend Group (“Townsend“). Bluerock will make a minority interest investment in the acquisition of Townsend as part of an investor group led by The Riverside Company, which is acquiring Townsend from Aon.
Townsend is a leading provider of global real estate and real asset investment advisory services. Townsend offers complementary investment management, advisory, and capital solutions via primary funds, secondaries, co-investments and direct investments. Townsend is a leading adviser to global public and private pension plans, insurers, sovereign wealth funds, endowments and foundations. The firm has a global footprint with more than 110 employees located in Cleveland, London, Hong Kong and San Francisco. The firm advises clients with real assets in excess of $218 billion (USD).
Bluerock, a leading institutional alternative asset manager with more than $120 billion in real estate, credit and capital markets experience and more than $18 billion in acquired and managed assets, manages multiple well-recognized private and public investment company platforms. “Townsend’s long-standing leadership in the institutional real assets space is a natural fit with Bluerock’s pioneering role in delivering institutional-quality alternative investments to individual investors over the last 22 years,” said Ramin Kamfar, Bluerock’s CEO. “We believe that our partnership with Townsend, a preeminent real estate adviser in the institutional world, will deepen our collective intellectual capital base and allow us to develop innovative new investment solutions that will serve the growing needs of retail investors.”
As part of the transaction, Bluerock will expand Townsend’s distribution capabilities to the U.S. private wealth channel. “Bluerock is an established alternatives market leader in the private wealth channel,” said Anthony Frammartino, Townsend president who will be named chairman and CEO upon the closing of the transaction. “We are excited to expand Townsend’s institutional investment capabilities to high-net-worth investors through our partnership with Bluerock, leveraging their experienced team and robust retail platform.”
Terms of the transaction were not disclosed. Berkshire Global Advisors L.P. served as financial advisor to the buyer consortium and Dechert LLP served as legal advisor to Bluerock. Moelis & Company LLC served as financial advisor and Kirkland & Ellis served as legal advisor to Aon.
About Bluerock
Bluerock is a leading institutional alternative asset manager based in New York with regional offices across the U.S. Bluerock principals have a collective 100+ years of investing experience with more than $120 billion real estate and capital markets experience and manage multiple well-recognized real estate private and public company platforms. Today Bluerock has more than $18 billion in acquired and managed assets and offers a complementary suite of public and private investment programs, with both short and long-term goals, to individual investors seeking solutions aimed at providing predictable income, capital growth, and tax benefits.
SOURCE BlueRock Real Estate
