What you probably don't know about the ownership of these leading investment managers:
Blue Owl: From SPAC to $175B
Blue Owl Capital went public in 2021 via a three-way merger of Owl Rock, Dyal Capital, and a SPAC. Founders Doug Ostrover, Marc Lipschultz, and Craig Packer retained control through supervoting shares. The firm expanded by acquiring Oak Street and Kuvare, and now manages ~$175B.
BGO: An Insurance Company Bets on Talent
Several big insurance companies built internal investment managers and later sold their services to outsider investors. Sun Life went the other direction by merging its Bentall Kennedy operation in 2019 with GreenOak Real Estate, a firm co-founded by Sonny Kalsi and John Carrafiell and backed by Tetragon Financial Group. Sun Life owns 56%, Tetragon owns 13%, and the balance remains with Kalsi, Carrafiell, et al. BGO manages approximately $86B and was valued at $2.2B last year.
Clarion: In the Hands of a Traditional Money Manager
Clarion Partners is owned by Franklin Templeton following its 2020 acquisition of Legg Mason, which had purchased Clarion in 2016. Clarion’s leadership, including CEO David Gilbert, retains an 18% ownership stake. The firm has changed hands several times, including prior ownership by ING and Lightyear Capital. It manages approximately $83B.
Affinius: Insurance No More
USAA built an internal investment management team through M&A, then a top manager, Len O'Donnell, led a management buyout in 2020. The deal was financed with backing from Paxion Capital, the family office of James Davidson (Silver Lake) and Fritz Wolff (The Wolff Company). Affinius also acquired Square Mile Capital and rebranded in 2023. Affinius Capital manages about $60B.
Harrison Street: A Big Colliers Bet That Paid Off
Harrison Street sold a 75% stake to Colliers International in 2018 for approximately $450 million. The remaining 25% is held by the leadership team, led by founder and CEO Christopher Merrill. The Galvin family, original co-founders, exited as part of the transaction. Harrison Street manages approximately $55B.
TA: Performance Pays
TA Realty, founded by Michael Ruane, has delivered long-term outperformance, including a core fund that’s more than doubled ODCE returns and 30+ years of double-digit value add returns. Since 2014, it’s been majority owned by The Rockefeller Group (Mitsubishi Estate Co.), with the senior partner group retaining minority equity. AUM is ~$18B.
Jamestown: Concentrated Bets
In 2022, Jamestown sold a 50% stake to Simon Property Group. The other half is held by leadership, including CEO Matt Bronfman and President Michael Phillips. Founded by Christoph Kahl in 1983, the firm is known for projects like Chelsea Market and Ponce City Market. AUM is ~$14B.
PS – Ownership structures shape priorities more than most admit. Yet few talk about who holds the cards. Want to be able to follow the dollars in commercial real estate? DM us to explore our upcoming FastTrack cohort.
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