Rithm Capital has entered into a definitive agreement to acquire Crestline Management, a private credit and alternative investment manager with approximately $17 billion in assets under management. The deal expands Rithm’s platform across direct lending, fund liquidity solutions, insurance, and reinsurance, complementing its existing expertise in real estate, asset-based finance, corporate credit, and infrastructure.
Following the acquisition, and together with Sculptor, Rithm’s combined platform will oversee $98 billion in investable assets, including $45 billion on its balance sheet and $53 billion in assets under management. Crestline, founded in 1997, has tripled its AUM since 2018 and will continue to operate with its existing investment team and offices across Fort Worth, New York, Toronto, Tokyo, and London.
Michael Nierenberg, CEO of Rithm, stated, “Crestline adds meaningful new credit and alternative investment capabilities, establishes our entrance into insurance and reinsurance, and creates additional value-creating opportunities for our investors and shareholders.” Crestline CEO Doug Bratton added that joining Rithm will accelerate its next phase of growth, citing aligned cultures and resources. The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals. J.P. Morgan Securities acted as exclusive financial advisor to Rithm, while Piper Sandler advised Crestline.
