Clarion Partners has agreed to buy a majority stake in Stoneshield Capital, a European real assets manager with about $9 billion (€8 billion) in assets under management. The transaction is expected to close in Q4 2026, subject to regulatory approvals and customary closing conditions.
Franklin Templeton is making the investment through Clarion, according to a Franklin Templeton release. The deal would triple Clarion’s European assets under management to $13 billion (€11 billion) and lift its total assets under management 12% to $82 billion (€72 billion).
For Franklin Templeton, the transaction would bring alternatives assets under management above $300 billion (€265 billion). Clarion CEO David Gilbert said the deal advances the firm’s plan to build an integrated real assets business across Europe.
Stoneshield is set to become Clarion’s European platform for opportunistic investments. It will focus on supply-constrained sectors including living and student housing, digital infrastructure, science and innovation, hospitality, and critical infrastructure.
The firm will keep offices in Spain, Portugal, Ireland, the UK and Luxembourg. Co-founders Juan Pepa and Felipe Morenés will continue to lead Stoneshield, retaining responsibility for its investment strategy, growth and daily operations.
Stoneshield was founded in early 2018 by Pepa and Morenés, both former directors at Lone Star Funds. It describes its business as building and scaling real asset platforms across digital infrastructure, living, innovation, critical infrastructure, hospitality, and energy and transportation infrastructure.
Its strategic ownership positions include MiCampus, Solaria, Exolum, Neinor Homes and Meliá Hotels International. Goldman Sachs International advised Stoneshield financially on the transaction.
