Federated Hermes Completes Acquisition of 80% Interest in FCP Fund Manager

Federated Hermes, Inc. (FHI) announced the closing of its acquisition of an 80% interest in FCP Fund Manager, L.P. (FCP), a US real estate investment manager. The aggregate purchase price is up to $331 million, including $215.8 million in cash, $23.2 million in FHI Class B common stock, and up to $92 million in contingent consideration. FCP, which manages $3.5 billion in client assets, will be renamed Federated Hermes FCP Manager, LLC. This acquisition aligns with Federated Hermes' strategy to expand its private markets and alternatives capabilities globally, complementing its existing UK real estate operations. FCP has invested in over $14.8 billion in gross asset value since its founding in 1999. The transaction is expected to accelerate FHI's entry into the US real estate market and expand its private markets offering for clients.