New York Life’s Candriam Group has added another 31% to its 49% stake in pan-European real estate investment manager Tristan Capital Partners, as Massachusetts-born founder Ric Lewis leads a second fund management business to a majority sale. The deal, via its interest in Candriam Group, leaves Lewis and his team with 20%.

Candriam stands for 'Conviction AND Responsibility In Asset Management' and is a European multispecialist asset manager owned by New York Life Investments. It manages assets of around €140B (£123B).

Tristan, which manages more than €15B (£13B) of assets for institutional and private investors, will maintain investment management autonomy. No changes are planned to its investment strategy or leadership.

The deal comes one month after Tristan Capital Partners' €2B (£1.8B) fully subscribed fundraising for its latest value-add/opportunistic fund, European Property Investors Special Opportunities 6.

Tristan was founded by Lewis in 2009 after a disagreement with AEW Europe, co-sponsors with Lewis of Curzon Global Partners. The end of his decadelong relationship with AEW followed a disagreement about business philosophies, Lewis explained in 2020.

Lewis has become more involved in charitable and voluntary projects over the last five years, including the Black Heart Foundation, which he founded in 2009.