Global law firm K&L Gates LLP served as legal counsel to Federated Hermes, Inc. (NYSE: FHI) in its agreement to acquire a majority stake in FCP Fund Manager, LP, a privately held real estate investment manager headquartered in Chevy Chase, Maryland.
The transaction, which is expected to close in the first half of 2026 pending regulatory approval and customary closing conditions, marks Federated Hermes' second private markets acquisition of 2025. It follows the firm's April purchase of Rivington Energy Management and underscores its continued expansion into alternative asset classes.
FCP specializes in US multifamily real estate, deploying both equity and select debt strategies. Since its founding, the firm has invested in, operated, or financed more than US$14.6 billion in gross asset value, including more than 75,000 apartment units. FCP's team of more than 75 professionals will continue to manage the business from its six US offices, maintaining deep coverage across 19 high-growth metro areas.
The deal was led by Chicago partner Brent Williams with relationship partners Clair Pagnano, leader of the firm's global Asset Management and Investment Funds practice, and Michael Caccese, firm co-chair.
Pagnano stated: "This acquisition underscores Federated Hermes' strategic commitment to expanding its private markets platform and strengthening its position in real estate investment management. We're proud to be advising Federated Hermes on this transaction with FCP and look forward to a successful closing and supporting their continued success in this dynamic space."
"On behalf of Federated Hermes, we would like to thank K&L Gates for their expert advice, counseling and active support in the lead up to, and execution of, the definitive transaction agreement between Federated Hermes and FCP Fund Manager, LP. We look forward to continuing to work with K&L Gates towards a successful closing of the transaction," said George Magera, Federated Hermes' general counsel.