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.
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SOURCE BlueRock Real Estate