"In an environment of increasing investment complexity, rising fund management costs and growing regulatory requirements, third-party management companies provide significant value to their clients," said Xavier Parain, incoming CEO of Lemanik Asset Management, on Tuesday 4 March 2025, following Blackfin Capital Partners’ acquisition of the Luxembourg-based management company. Photo: Lemanik AM

"In an environment of increasing investment complexity, rising fund management costs and growing regulatory requirements, third-party management companies provide significant value to their clients," said Xavier Parain, incoming CEO of Lemanik Asset Management, on Tuesday 4 March 2025, following Blackfin Capital Partners’ acquisition of the Luxembourg-based management company. Photo: Lemanik AM

Blackfin Capital Partners has acquired Lemanik Asset Management, a Luxembourg-based third-party management company overseeing €30bn in assets, in a deal approved by the Luxembourg Financial Sector Supervisory Commission and finalised on 28 February 2025.

European private equity firm Blackfin Capital Partners, which focuses on financial services investments, has acquired Lemanik Asset Management, a Luxembourg-based third-party management company, Lemanik Group announced in a press statement on 4 March 2025. The transaction was approved by the Financial Sector Supervisory Commission (CSSF) and finalised on 28 February 2025.

Lemanik AM manages over €30bn in assets and provides services to small and mid-sized asset managers across Europe. According to Lemanik, the acquisition was part of a long-term partnership agreement intended to maintain collaboration between Lemanik AM and Lemanik Group. The company stated that Blackfin would support Lemanik AM as an independent provider while considering further acquisitions of independent management companies and specialised divisions of asset managers and banks.

PE firm Blackfin manages over €4bn in assets and operates in Paris, Brussels, Frankfurt, Amsterdam and London. It is regulated by the Financial Markets Authority (AMF) in France and focuses on private equity and venture capital investments in financial services, including asset servicing and third-party management companies.

Eric May, founding partner of Blackfin, stated in the announcement that the acquisition aligned with the firm’s strategy of expanding in asset management. He cited increasing investment complexity and regulatory requirements as key factors shaping the sector and noted Lemanik’s established client base. Philippe Meloni, former CEO of Lemanik AM, said Lemanik had developed its third-party management company since 2006 and that Blackfin’s involvement would continue its work with clients.

As part of the transition, Xavier Parain was appointed CEO of Lemanik AM on 3 March 2025. He previously served as CEO of Fundrock, one of Luxembourg’s largest third-party management companies, and as managing director of the Asset Management Division at the AMF.

The transaction involved several advisory firms. Deloitte and A&O Shearman advised Lemanik, while Blackfin was supported by Eight Advisory, PWC and Arendt & Medernach.

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