Capital Rithm acquires Crestline Management

Rithm Capital to Acquire Crestline Management for $17bn in Assets Under Management

In a significant move, alternative asset manager Rithm Capital has agreed to acquire Crestline Management, a fully-integrated platform offering private credit and alternative investment strategies with $17bn in assets under management (AUM). The acquisition, expected to close in Q4 2025, will expand Rithm's capabilities across direct lending, fund liquidity solutions, insurance, and reinsurance.

Doug Bratton, Founding Partner and Chief Executive Officer (CEO) of Crestline Management, expressed his excitement about joining Rithm Capital. He emphasized that the partnership provides Crestline with the platform, resources, and entrepreneurial spirit to accelerate its next phase of growth. The acquisition positions Crestline's platform for long-term growth, while its team, strategies, and offices remain unchanged.

Upon completion of the transaction, Rithm's combined platform will have $98bn in investable assets, including $53bn in AUM. The acquisition establishes Rithm's entrance into insurance and reinsurance, offering institutional investors a range of strategies across asset classes and return profiles.

Michael Nierenberg, chief executive of Rithm, believes that Crestline adds meaningful new credit and alternative investment capabilities to their platform. He expressed his confidence that the combined platform will be well-positioned to capitalize on the substantial opportunities ahead.

Crestline Management manages a reinsurance strategy with liabilities primarily funded by its wholly owned insurance provider. The transaction creates additional value-creating opportunities for Crestline's investors and shareholders, although the acquisition price remains undisclosed.

Crestline will maintain its existing offices in Fort Worth, New York, Toronto, Tokyo, and London after the acquisition. Crestline sees Rithm Capital as a partner with the platform, resources, and entrepreneurial spirit to accelerate its growth, and both parties are looking to leverage their expanded product suite and like-minded cultures focused on entrepreneurship, innovation, and investment excellence.