SLC Management Taps Kalsi as CEO in Major Strategy Shift

WELLESLEY, Mass. – April 01, 2026 – SLC Management, the US$309 billion global asset manager, today unveiled a sweeping strategic overhaul, appointing real estate veteran Sonny Kalsi as its new President and CEO and finalizing its full ownership of key alternative investment platforms BGO and Crescent Capital.

The moves signal a definitive pivot for the institutional asset management arm of Sun Life Financial Inc. The firm is transitioning from a period of aggressive acquisition-driven expansion to a new phase of integrated, platform-led growth. This restructuring is designed to consolidate its diverse capabilities and create a more powerful, unified offering for institutional clients navigating an increasingly complex global market.

A New Era of Leadership and Vision

At the heart of the transformation is the appointment of Sonny Kalsi, a highly respected figure in the global real estate investment world. Kalsi, the co-founder of GreenOak Real Estate and most recently co-CEO of BGO, will now lead the entire SLC Management platform. He will report to Steve Peacher, who moves into the role of Executive Chair for SLC Management.

Kalsi brings a formidable track record. He co-founded GreenOak in 2010 and grew it into a major international player before its 2019 merger with Bentall Kennedy created BGO. Prior to that, he served as the Global Co-Head of Morgan Stanley's Real Estate Investing business. His experience building and scaling investment platforms is seen as critical for SLC Management's next chapter. John Carrafiell, Kalsi's long-time partner and co-founder, will now become the sole CEO of BGO.

The new strategy emphasizes leveraging the combined strengths of the firm's specialized investment managers, which include BGO for global real estate, Crescent Capital for alternative credit, InfraRed Capital Partners for infrastructure, and its extensive public and private fixed income teams.

"SLC Management's next phase of growth will build on the scale and capabilities of our diversified platform," said Sonny Kalsi, President and CEO, SLC Management. "Our focus is simple: do what we do best by striving to deliver consistent, high-quality outcomes and bring the full strength of the platform to every client we serve. As capital continues to concentrate among fewer managers, we are well-positioned to partner with clients globally and help them navigate an increasingly complex market to meet their investment objectives."

Steve Peacher echoed this sentiment, framing the year as a turning point. "2026 is the year we begin to harness the power of our platform," said Peacher. "I'm very confident that under Sonny's leadership and our new ownership structure, we're well-positioned to leverage our combined suite of investment capabilities across real estate, alternative credit, infrastructure and fixed income to take SLC Management from acquisition-driven growth to platform-led growth."

The Financial Engineering of a Powerhouse

This strategic pivot is underpinned by significant financial maneuvers. Sun Life has now completed the buy-up of the remaining equity interests in two of its cornerstone alternative asset managers. The parent company paid C$1.59 billion (US$1.16 billion) for the outstanding 44% of BGO and C$829 million (US$608 million) for the remaining 49% of Crescent Capital Group. These transactions, funded by debt issued in 2025, settle outstanding liabilities and give Sun Life full control.

While the move is expected to result in a one-time charge of approximately C$236 million to Sun Life's Q1 2026 net income, the long-term strategic and financial rationale is clear. Between 2021 and 2025, BGO and Crescent were powerhouse contributors, generating a combined C$4.2 billion in fee-related revenue and achieving 90% EBITDA growth. Their assets under management swelled from C$115 billion to C$165 billion over the same period.

The consolidation comes on the heels of strong performance for Sun Life and its asset management division. In its most recent earnings report for Q4 2025, Sun Life's underlying net income surged 13% year-over-year. SLC Management was a key driver, with its fee-related earnings jumping 25% in the quarter, buoyed by capital raising and higher property management fees from BGO.

Aligning Incentives for Long-Term Growth

To ensure its top talent is aligned with the new platform-led growth strategy, SLC Management has introduced a novel Management Equity Plan (MEP). This plan allows eligible senior leaders and employees across the platform to collectively own up to a 25% stake in the business.

This is not just a theoretical incentive; key leaders from BGO and Crescent have already converted a portion of their existing affiliate equity into the new SLC-wide MEP. The move is a powerful statement of belief in the integrated model and creates a strong incentive structure focused on the long-term success of the entire SLC Management platform, rather than just its individual parts.

In a highly competitive market for talent, such equity plans are a critical tool for attracting and retaining the best investment professionals. By giving key employees a direct ownership stake, SLC Management is linking their personal financial outcomes to the firm's overall performance, fostering a culture of shared success and entrepreneurial drive within a large institutional framework.

A Unified Platform for a Consolidating Market

The entire restructuring effort is a direct response to powerful trends reshaping the asset management industry. Institutional investors, from pension funds to endowments, are increasingly looking to consolidate their relationships. They prefer to partner with a smaller number of large, sophisticated managers who can provide a wide array of solutions across different asset classes.

With its US$309 billion in assets under management and its newly integrated structure, SLC Management is positioning itself to be one of those indispensable partners. The firm can now offer clients a seamless experience across global real estate, various forms of alternative and traditional credit, essential infrastructure, and a broad spectrum of fixed income strategies.

By breaking down the silos between its specialist managers and fostering a unified culture through shared leadership and equity, SLC Management aims to deliver more holistic advice and innovative, cross-platform solutions. This integrated approach is designed to provide significant value to clients seeking to build resilient, diversified portfolios capable of weathering market complexity and achieving long-term objectives.