Rithm Capital, a global alternative asset manager, entered into a definitive agreement to acquire Crestline Management, an alternative investment manager with approximately $17 billion in assets under management.
Rithm’s combined platform, including Crestline and Sculptor, will be comprised of $98 billion in investable assets, consisting of $45 billion of assets on balance sheet and approximately $53 billion in assets under management.
Upon closing of the transaction, Crestline’s investment team, committees and strategies will remain unchanged, and the firm will maintain its existing offices in Fort Worth, New York, Toronto, Tokyo and London.
“This transaction demonstrates the power of our differentiated asset management platform and our commitment to diversifying our investment strategies,” Michael Nierenberg, CEO of Rithm, said. “Crestline adds meaningful new credit and alternative investment capabilities, establishes our entrance into insurance and reinsurance, and creates additional value-creating opportunities for our investors and shareholders. We are excited to leverage our expanded product suite and like-minded cultures focused on entrepreneurship, innovation and investment excellence as we seek to capitalize on the substantial opportunities ahead.”
“We are excited to be joining Rithm, an industry-leading alternative asset manager with deep expertise in asset-based strategies and a shared focus on building innovative solutions that deliver alpha to investors,” Doug Bratton, founding partner and CEO of Crestline. “As we considered a variety of strategic opportunities, it was important for us to find a partner with the platform, resources and entrepreneurial spirit to accelerate our next phase of growth. We believe this transaction achieves all of those objectives and positions our platform for long-term growth.”
“By joining forces with Rithm, we’re strengthening our ability to deliver differentiated alpha and deepening our commitment to serving clients with agility and excellence through market cycles,” Keith Williams, managing partner and chief investment officer of Crestline, said.
The transaction is expected to close Q4/25, subject to customary regulatory approvals and closing conditions.
J.P. Morgan Securities acted as the exclusive financial advisor to Rithm and Skadden, Arps, Slate, Meagher & Flom served as legal counsel to Rithm. Piper Sandler acted as the exclusive financial advisor and Jackson Walker acted as lead legal counsel to Crestline with specialist counsel at Akin, Vinson & Elkins and Paul Hastings.
