Kirkland & Ellis advised Proprium Capital Partners on the sale of a 75% stake to Legal & General
Kirkland & Ellis advised Proprium Capital Partners, a privately held real estate-focused principal investing firm, on the sale of a 75% stake to Legal & General plc (L&G). As part of the transaction, L&G has committed up to $300 million to support Proprium’s future fund strategies.
Proprium will continue to operate independently, maintaining its existing leadership structure, teams, and investment processes, while benefiting from the broader L&G Private Markets platform. The deal is expected to close by Q4 2025, subject to regulatory and antitrust approvals.
The Kirkland & Ellis team was led by asset management M&A lawyers Adrian Duncan( Partner ) and Christopher Gandia( Partner ); corporate lawyers Charles Hébert and Arthur Le Calvez; investment funds lawyers Amran Hanif( Partner ), Rafeeq Khazin( Partner ), Florence Zhang( Partner ), and William Urukalo; tax lawyers Lee Morlock( Partner ), Chris Odell( Partner ), Ian Ferreira( Partner ), and Kunal Nathwani( Partner ); financial services regulatory lawyer Albert Weatherill( Partner ); and executive compensation lawyers Matt Wood( Partner ) and Jenny Cha( Associate ).
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