Rithm Capital, a global alternative asset manager, entered into a definitive agreement to acquire Crestline Management, L.P. (“Crestline”), an alternative investment manager with approximately $17 billion in assets under management.
This acquisition underscores Rithm’s long term strategy to build a global, diversified asset management platform focused on delivering alpha for investors and value for shareholders. It meaningfully expands Rithm’s capabilities across direct lending, fund liquidity solutions, insurance and reinsurance – adding to its existing strengths in asset-based finance, real estate, structured and corporate credit, and energy and infrastructure.
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, and will offer institutional investors a broad suite of innovative strategies across asset classes and return profiles—powered by over 200 seasoned investment professionals.
Founded in 1997, Crestline is a fully integrated platform offering private credit and alternative investment strategies across direct lending, opportunistic credit, and fund liquidity solutions. It also manages investment strategies on behalf of its wholly owned insurance company and affiliated reinsurer. Crestline strategies are delivered through commingled funds, managed accounts and a BDC. Since 2018, the firm has tripled its AUM.
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,” said Michael Nierenberg, Chief Executive Officer of Rithm. “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,” said Doug Bratton, Founding Partner and Chief Executive Officer 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.”
Managing Partner and Chief Investment Officer of Crestline, Keith Williams also adds: “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.”
The transaction is expected to close in the fourth quarter 2025, subject to customary regulatory approvals and closing conditions.
J.P. Morgan Securities LLC acted as the exclusive financial advisor to Rithm and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Rithm. Piper Sandler & Co. acted as the exclusive financial advisor and Jackson Walker LLP acted as lead legal counsel to Crestline with specialist counsel at Akin, Vinson & Elkins, and Paul Hastings LLP.