Sun Life Financial Inc.’s asset management arm, SLC Management, invests nearly $3 billion to gain full ownership of its private credit and global real estate businesses while expanding into U.S. multifamily properties.
Key Acquisition Details
SLC Management agrees to pay $2.4 billion for the remaining equity stakes in BGO, its global real estate investor and services provider, and Crescent Capital Group, its private credit specialist. Separately, the firm commits $350 million to acquire Bell Partners entirely, a U.S. multifamily real estate investment and management company that will integrate into BGO operations. At least 75 percent of the Bell Partners payment occurs in Sun Life shares.
The breakdown includes $1.59 billion for BGO’s remaining 44 percent stake and $829 million for Crescent’s remaining 49 percent stake. This transaction awaits regulatory approval and targets closure in the second half of 2026.
Strategic Growth and Expertise
Sun Life Chief Executive Kevin Strain emphasizes that BGO and Crescent form core elements of SLC Management’s expansion plans. SLC oversees $260 billion in assets for over 1,400 institutional clients worldwide, plus $165 billion from Sun Life’s general account.
“Together, they bring decades of real estate and credit expertise and deliver high-quality solutions for clients globally,” Strain states.
From 2021 to 2025, BGO and Crescent grew assets under management to $165 billion from $115 billion, generating $4.2 billion in fee-related revenue combined.
Past Investments and Capabilities
Over the last decade, SLC Management deploys about $2 billion to acquire prominent alternative asset managers, including real estate firms Bentall Kennedy and GreenOak, which combined into BGO in 2018 with a 56 percent stake purchase. In January 2021, Sun Life secured a 51 percent stake in Crescent for $450 million.
Today, SLC offers investment options in real estate, private credit, private fixed income, and infrastructure.
Bell Partners Expansion
Bell Partners, founded in 1976, manages 70,000 apartment units across 12 U.S. regions. The company specializes in investments, property management, acquisitions, and construction, completing $11.9 billion in apartment transactions since 2002, including over $1.3 billion in 2025 acquisitions alone.
Post-acquisition, Bell Partners maintains its leadership, branding, and office locations. Sun Life highlights housing as a U.S. government priority, where seasoned investors build quality multifamily rental communities.
