Breaking News: Iconiq Acquires Minority Stake in Madison Realty Capital
Alternative asset manager Iconiq Investment Management has acquired a minority stake in New York’s Madison Realty Capital, a transaction that Madison principals say will help turbocharge Madison’s growth.
“Iconiq’s investing expertise and network are complementary to our own, and we look forward to expanding our footprint across the US; developing new relationships with top-tier borrowers, lenders, and developers; and accelerating the growth of our business to the benefit of our global, institutional investor base,” Josh Zegen and Brian Shatz, co-founders of Madison Realty Capital, told Bloomberg on Wednesday in an emailed statement.
The terms of the deal were kept private, although Bloomberg pressed Madison for more details of the transaction.
Madison is looking to expand through all types of means, including organic growth and also by acquiring certain expertise in more real estate finance capabilities.
A New York-based firm, Madison told Bloomberg it will seek high value-add and transitional financing to property owners, operators and developers, as well as providing credit to other alternative real estate lenders looking for options than traditional banks can’t offer.
Madison had $8.5 billion in assets under management as of March 31, including $2.1 billion raised last year for its fifth and largest debt fund, Bloomberg said.
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