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ING Clarion Partners’ senior management team announced this morning that it has partnered up with private equity firm Lightyear Capital to purchase ING Group’s US-based private market real estate investment managing business for $100M.
Clarion Partners chair Stephen Furnary
Clarion Partners chair Stephen Furnary (above) will continue in his role and serve on the firm's board of directors, while Lightyear chairDon Marron will serve as lead director of the board. Clarion Partners was formed in ’82 and purchased by ING Group in ’98, where it was the Americas division of ING Real Estate Investment Management’s private equity organization. It has more than 250 employees across the Americas, including a presence in Mexico and Brazil, and has assets of more than $22B. Last month, it acquired 636 Avenue of the Americas in a JV with the William Macklowe Co for $45.2M.