Franklin Templeton, through its real estate investment subsidiary Clarion Partners, has entered into a definitive agreement to acquire a majority stake in European real assets manager Stoneshield Capital.
Stoneshield manages approximately $9 billion, or €8 billion, and invests across supply-constrained real asset sectors including living and student housing, digital infrastructure, science and innovation, hospitality, and critical infrastructure.
The transaction is expected to triple Clarion Partners’ European assets under management to approximately $13 billion, increase Clarion’s total AUM by 12% to approximately $82 billion, and bring Franklin Templeton’s alternatives AUM to more than $300 billion.
Stoneshield’s portfolio includes strategic ownership positions in businesses such as MiCampus, Solaria, Exolum, Neinor Homes, and Meliá Hotels International. The firm also manages closed-end diversified opportunistic funds and a dedicated investment platform focused on student housing and living assets.
Following completion, Stoneshield will become Clarion’s dedicated opportunistic investment platform in Europe. It will retain offices in Spain, Portugal, Ireland, the UK, and Luxembourg.
Stoneshield co-founders Juan Pepa and Felipe Morenés will continue leading the business and retain responsibility for its investment strategy, growth, and day-to-day operations. They will also work with Clarion and Franklin Templeton to develop additional European real assets strategies and investment products.
The transaction is expected to close during the fourth quarter of 2026, subject to customary conditions and regulatory filings. Goldman Sachs International advised Stoneshield.
KEY QUOTES:
“The addition of Stoneshield marks an important milestone in Clarion’s buildout of an integrated real assets capability across Europe. Stoneshield’s focus on high-yield, special situations investing is a perfect complement to our current offerings. This transaction expands our global investor relationships, broadens our product set, and underscores our long-term commitment to delivering strong performance and innovative investment solutions to our clients.”
David Gilbert, CEO of Clarion Partners
“We are excited to pursue expansion initiatives in Europe, both by further scaling Stoneshield’s opportunistic fund business and by developing new strategies built around their investment themes. Stoneshield’s strategic ownership positions in diverse portfolio companies not only have the potential to deliver compelling risk-adjusted returns, but we believe they will generate additional asset-level investment opportunities for existing and future investment products.”
Josh Pristaw, President of Clarion Partners
“We are excited to join the Clarion Partners investment management platform, and we look forward to expanding the scale and scope of our business in supply-constrained growth sectors. The transaction gives us the benefits of a global platform while preserving our team, strategy, and culture.”
Juan Pepa, Co-Founder of Stoneshield Capital
“We firmly believe that our partnership with Clarion Partners and Franklin Templeton will accelerate our growth and reinforce our commitment to delivering value for our clients, supported by positive long-term structural needs for real assets investment across Europe.”
Felipe Morenés, Co-Founder of Stoneshield Capital
“Stoneshield has built an impressive track record of delivering superior risk-adjusted returns, and joining the Clarion platform will position the team for continued growth and strong performance. We are excited to welcome Stoneshield to Franklin Templeton. The combination strengthens our real assets capabilities in Europe and creates opportunities to extend the strengths of both Stoneshield and Clarion across geographies. This acquisition represents another important step in our strategy to globalize our real assets capabilities, expand our private markets business, and enhance our offerings to clients around the world.”
Jenny Johnson, CEO of Franklin Templeton
