Goldman Sachs Bets Big on Real Estate in Latest Deal -- Barrons.com

By Rebecca Ungarino

Goldman Sachs has acquired a range of fund-management offerings in the past year-exchange-traded funds and venture-capital funds-after telling investors that it was seeking more predictable revenue streams to counter the ups and downs of trading and investment banking.

On Tuesday, the New York firm said it was making yet another asset-management acquisition: LCN Capital Partners, a real estate investment firm known for triple-net leases, a type of agreement between landlords and their corporate tenants.

Goldman said it would pay up to $410 million-which would include $260 million upfront and another $150 million that hinges on hitting certain targets-for its fourth asset-management acquisition in less than a year. Co-founded by a former Goldman banker, LCN is 15 years old and has some $3 billion of assets under supervision.

The announcement appeared to underwhelm investors. Shares of Goldman fell 1.5% while the S&P 500 fell 0.5%. The stock, which is trading just under its June all-time high, was among the worst performers in the Dow Jones Industrial Average on Tuesday.

"As we've looked at interesting product offerings that we don't have, we identified triple-net lease," Marc Nachmann, Goldman's global head of asset and wealth management, said in an interview.

Triple-net leases are generally agreements where corporate tenants pay their landlords for insurance costs, property taxes, and maintenance on top of rent. Those businesses may be charged lower rent in exchange for taking on those costs, though the arrangements vary.

Nachmann said the firm evaluated whether to build out that offering on its own, strike a joint venture with another company, or make an acquisition. Goldman ultimately landed on LCN, which has fewer than 100 employees, after spending time with the team there. Edward LaPuma and Bryan York Colwell, a former Goldman investment banker who focused on power and utilities transactions, co-founded LCN.

Goldman has struck a series of asset-management deals under CEO David Solomon.

In late 2025, Goldman said it would buy the venture-capital firm Industry Ventures, and it announced two exchange-traded fund provider acquisitions this year: Innovator Capital Management and, just last week, Neos Investments.

Write to Rebecca Ungarino at rebecca.ungarino@barrons.com

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August 18, 2026 13:37 ET (17:37 GMT)