Blackfin Capital Partners acquired Luxembourg-based third-party management company Lemanik Asset Management, which oversees €30bn in assets.

The transaction, approved by the Luxembourg Financial Sector Supervisory Commission (CSSF), was finalised on 28 February 2025.

Lemanik AM provides asset management services to small and mid-sized European firms. The acquisition forms part of a long-term partnership agreement, allowing Lemanik AM to maintain independence while benefiting from Blackfin’s support. Blackfin, which joined France’s Leading Private Equity Conference in Paris, also indicated plans to pursue further acquisitions of independent management firms and asset servicing businesses.

The private equity firm, which manages over €4bn in assets, focuses on financial services investments across Paris, Brussels, Frankfurt, Amsterdam, and London. Eric May, founding partner at Blackfin, highlighted the increasing complexity of investment management and regulatory changes as key factors shaping the sector. He emphasised Lemanik’s strong client base and market position.

Following the acquisition, Xavier Parain was appointed CEO of Lemanik AM on 3 March 2025. Parain previously led FundRock, one of Luxembourg’s largest third-party management firms, and served as managing director of the Asset Management Division at France’s Financial Markets Authority (AMF).

Deloitte and A&O Shearman advised Lemanik on the deal, while Blackfin received support from Eight Advisory, PWC, and Arendt & Medernach.