Insurer deepens real estate and private credit capabilities through full ownership and new acquisition
Sun Life Financial Inc. has moved to consolidate and expand its alternatives business, finalizing full ownership of two key asset managers while striking a new deal in US real estate.
The insurer confirmed it has acquired the remaining stakes it did not already own in BentallGreenOak (BGO) and Crescent Capital, strengthening its control over real estate and private credit capabilities within its asset management arm.
The transactions saw Sun Life pay C$1.59bn for the outstanding 44% of BGO and C$829m for the remaining 49% of Crescent, completing a multi-year strategy to bring both firms fully in-house.
Leadership framed the move as a long-term bet on alternatives.
"BGO and Crescent are industry leading businesses and integral to our strategy for Sun Life Asset Management. Both companies create enduring value for our Clients and stakeholders. Together, they bring decades of real estate and credit expertise and deliver high-quality solutions for Clients globally," said Kevin Strain, President and CEO of Sun Life.
He added: "The completion of our BGO and Crescent buy-ups reflect our confidence in their leadership, performance and long-term growth."
The insurer has steadily increased its exposure to both firms over time, initially taking a majority position in BGO in 2019 and a controlling stake in Crescent in 2021.
Performance has been a key driver behind the decision. Between 2021 and 2025, the two businesses generated C$4.2bn in fee-related revenue, while assets under management climbed from C$115bn to C$165bn and EBITDA rose 90%.
As part of the new ownership structure, employees across the platform will be able to hold up to 25% through a management equity plan, aligning internal stakeholders with future growth.
Steve Peacher, executive chair of SLC Management, described the milestone as transformative for the firm’s next phase.
"The completion of the acquisition of BGO and Crescent will mark a new era for SLC Management and represents a significant step forward in delivering on our growth strategy. These buy-ups will allow SLC Management to harness the power of its platform to drive value for our Clients. We're thrilled to have Sonny Kalsi, co-Founder of BGO, officially at the helm of SLC Management as we continue to elevate our overall market position."
Alongside the buyouts, Sun Life also unveiled plans to acquire U.S.-based Bell Partners, a multifamily real estate investment manager with roughly US$10bn in assets under management.
The US$350m transaction will position Bell Partners as the firm’s U.S. multifamily platform under BGO, adding scale in residential real estate and expanding its operating footprint across key American markets.
Bell Partners manages approximately 70,000 apartment units across 12 regions and operates through a network of nine offices with about 1,800 employees.
Sun Life expects the deal to enhance its ability to deliver diversified real estate strategies to institutional clients while strengthening its vertically integrated capabilities in property management, development, and acquisitions.
The transactions highlight a broader push by Sun Life to scale its asset management platform, deepen its alternatives offering, and unlock new growth avenues through global real estate and credit markets.
