Stoneshield is a European sector-specialist real assets manager with $9 billion under management. The firm’s investment strategies are focused on supply-constrained sectors, including living and student housing, digital infrastructure, science and innovation, hospitality, and critical infrastructure.

The transaction is expected to close in the fourth calendar quarter of 2026, subject to customary closing conditions, including the completion of certain regulatory filing. Stoneshield Capital was advised by Goldman Sachs International.

“The addition of Stoneshield marks an important milestone in Clarion’s buildout of an integrated real assets capability across Europe,” Clarion Partners CEO David Gilbert, said. “Stoneshield’s focus on high-yield, special situations investing is a perfect complement to our current offerings. This transaction expands our global investor relationships, broadens our product set, and underscores our long-term commitment to delivering strong performance and innovative investment solutions to our clients.”

Stoneshield’s investment products include a series of closed-end diversified opportunistic funds, as well as an investment platform focused specifically on the student housing and living sectors. The firm also has strategic ownership positions in several of Europe’s leading and fastest-growing real asset platforms, including MiCampus, one of Europe’s largest purpose-built student accommodation (PBSA) platforms; Solaria, a leading European renewable energy and AI infrastructure developer; Exolum, a leading owner and operator of critical energy infrastructure serving the liquid fuels industry; Neinor Homes, the largest homebuilder in Spain; and Meliá Hotels International, one of the world’s largest hotel groups.

Stoneshield will become Clarion’s investment platform in Europe, maintaining its office locations in Spain, Portugal, Ireland, UK, and Luxembourg. As part of the transaction, co-founders Juan Pepa and Felipe Morenés will remain committed to leading Stoneshield over the long term, retaining responsibility for the firm’s investment strategy, growth, and day-to-day operations.

Working with the broader Clarion Partners and Franklin Templeton organisations, they will also play a role in expanding the firm’s European real assets platform, developing new investment strategies across their areas of expertise, and creating innovative products for institutional and wealth clients globally. Together, they will continue to pursue strategic growth opportunities through new investment themes, geographic expansion, and selective acquisitions.