Rithm Capital Corp. (“Rithm”), a global alternative asset manager, has announced plans to acquire Crestline Management, L.P. (“Crestline”), a respected alternative investment manager with around $17 billion in assets under management.
The acquisition marks a major step in Rithm’s long-term strategy to build a truly diversified asset management platform one that balances innovation, scale, and consistent value creation. With Crestline onboard, Rithm will expand its reach across direct lending, fund liquidity solutions, insurance, and reinsurance, while strengthening its existing expertise in real estate, structured and corporate credit, asset-based finance, and energy and infrastructure.
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Together with Crestline and Sculptor, Rithm’s platform will oversee an impressive $98 billion in investable assets, backed by more than 200 seasoned investment professionals. For investors, this means access to a wider suite of strategies spanning multiple asset classes and risk-return profiles all designed to deliver long-term alpha.
Founded in 1997, Crestline has built a strong reputation for its private credit and alternative investment strategies, including direct lending, opportunistic credit, and fund liquidity solutions. The firm has more than tripled its AUM since 2018 and today operates from offices in Fort Worth, New York, Toronto, Tokyo, and London. Importantly, Crestline’s investment team and strategy will remain unchanged following the deal, ensuring continuity for clients.
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Commenting on the announcement, Michael Nierenberg, CEO of Rithm, said:
“This transaction demonstrates the strength of our differentiated platform and our focus on creating meaningful value for investors and shareholders. Crestline not only expands our credit and alternative capabilities but also marks our entry into insurance and reinsurance. We see tremendous opportunity ahead as we combine our cultures of entrepreneurship, innovation, and investment excellence.”
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Doug Bratton, CEO and Founding Partner of Crestline, added:
“We’re excited to be joining Rithm, a leader in asset-based strategies with the resources and vision to accelerate our growth. This partnership positions us to deliver even more for our clients and investors.”
Crestline’s CIO, Keith Williams, echoed this optimism:
“By joining forces with Rithm, we’re enhancing our ability to deliver differentiated alpha while staying true to our commitment of serving clients with agility and excellence.”
The acquisition is expected to close in the fourth quarter of 2025, subject to regulatory approvals.
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