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Goldman Sachs' Petershill program takes minority stake in Slate Asset Management

Goldman Sachs Asset Management LP, through its Petershill program, made a passive, nonvoting minority equity investment in Slate Asset Management LP.

Slate founders Blair and Brady Welch made a long-term commitment to the company, and the daily operations and management of the business will stay intact.

Slate, which specializes in real estate and real assets, said it will use the capital to improve its platform and increase its general partnership stakes in current and future businesses and investment vehicles. The alternative asset management platform is the external manager of Slate Office REIT and Slate Retail REIT.

BMO Capital Markets analyst Jenny Ma said the transaction is not likely to have any immediate impact to both real estate investment trusts, but called the investment an "encouraging endorsement."

"We believe the relationship that Slate Office REIT and Slate Retail REIT have with SLAM is key to future growth, as the asset manager continues to leverage relationships in the industry to source deals and drive external growth," Ma said in a research note.