Franklin Templeton, through its real estate subsidiary Clarion Partners, has entered into a definitive agreement to acquire a majority stake in Stoneshield Capital, a European real assets manager with approximately $9 billion (€8 billion) in assets under management.
The transaction will triple Clarion Partners’ European AUM to $13 billion (€11 billion), increase Clarion’s total AUM by approximately 12% to $82 billion (€72 billion) and lift Franklin Templeton’s total alternatives AUM to more than $300 billion (€265 billion).
Stoneshield focuses on thematic investment strategies across supply-constrained real asset sectors including living and student housing, digital infrastructure, science and innovation, hospitality and critical infrastructure.
The firm’s product lineup includes diversified closed-end opportunistic funds and a dedicated investment platform focused on student housing and living assets.
Stoneshield also owns strategic stakes in several major European real asset businesses, including MiCampus, Solaria, Exolum, Neinor Homes and Meliá Hotels International.
MiCampus is a major European purpose-built student accommodation platform, while Solaria develops renewable energy and AI infrastructure. Exolum owns and operates critical energy infrastructure serving the liquid fuels sector, Neinor Homes is Spain’s largest homebuilder and Meliá Hotels International is one of the world’s largest hotel groups.
Following completion of the transaction, Stoneshield will become Clarion’s dedicated opportunistic investment platform in Europe.
The firm will continue operating from offices in Spain, Portugal, Ireland, the U.K. and Luxembourg.
Stoneshield co-founders Juan Pepa and Felipe Morenés will remain in leadership roles and retain responsibility for investment strategy, growth and daily operations.
They will also work with Clarion and Franklin Templeton to expand the broader European real assets platform, launch new investment strategies and develop products for institutional and wealth management clients globally.
Clarion plans to combine its existing European focus on institutional logistics and net leased assets with Stoneshield’s exposure to digital infrastructure, living assets and industrial storage.
The companies also expect to pursue additional growth through new investment themes, geographic expansion and selective acquisitions.
Clarion Partners had approximately $73.3 billion in real estate equity and debt assets under management as of June 30, 2026 and serves approximately 500 institutional investors globally.
Franklin Templeton had approximately $1.79 trillion in assets under management as of June 30, 2026.
Founded in 2018, Stoneshield has a team of more than 35 professionals, while its portfolio companies employ more than 30,000 people.
The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions and regulatory filings.
Goldman Sachs International served as financial advisor to Stoneshield Capital.
KEY QUOTES:
“The addition of Stoneshield marks an important milestone in Clarion’s buildout of an integrated real assets capability across Europe,” said Clarion Partners CEO David Gilbert. “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,” added Clarion Partners President Josh Pristaw. “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,” said Franklin Templeton CEO Jenny Johnson. “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
