Minority investment helps facilitate fast-growing firm’s reorganization, new growth
SAN FRANCISCO (November 2, 2023) – Stockbridge today announced the completion of a strategic reorganization that includes the firm’s invitation to the National Pension Service of Korea to become a minority interest holder.
NPS, the world’s third-largest pension fund with over $750 billion in assets (as of August 31, 2023), is acquiring a partial interest in San Francisco-based Stockbridge. NPS is investing through a separate account investment program administered by Blue Owl. Berkshire Global Advisors acted as financial advisor to Stockbridge in the transaction.
Concurrent with NPS’s investment, Stockbridge reorganized its two business units, Core and Value Advisors (CVA) and its Platform Business, under common ownership and alignment structures. As part of the reorganization, Stockbridge will establish new firm-wide equity and incentive programs for a broad group of senior leadership.
“NPS is an ideal partner to support the continued growth of our firm,’’ said Terry Fancher, Stockbridge’s founder and Chief Executive Officer. “NPS’ investment in Stockbridge will assist us in completing our corporate reorganization and provide new capital for our continued growth while allowing us to execute independently.’’
“As our company grows, we want to continue to retain and attract the best and brightest talent,’’ said Sol Raso, Executive Managing Director and Head of Stockbridge’s CVA. “This reorganization not only allows our firm to provide better incentives firm-wide, but also, very importantly, positions us to provide further counsel and continue to grow our relationship with our new Partner.’’
Stockbridge is a real estate investment management firm led by seasoned senior professionals averaging 25+ years of real estate industry experience. The firm was founded in 2003 and manages real estate equity investments across the risk spectrum within a variety of investment structures on behalf of U.S. and foreign institutional investors. Stockbridge has approximately $33.8 billion of assets under management (as of June 30, 2023) spanning all major real estate property types, and certain specialty property types with an emphasis on residential and industrial space throughout the United States. The firm has offices in San Francisco, Atlanta, and Chicago.