Davis Polk is advising Lightyear Capital LLC and Clarion Partners Holdings LLC on the sale of Clarion Partners to Legg Mason, Inc. The transaction is subject to customary regulatory and other approvals and is expected to close in the second quarter of 2016.

Lightyear Capital LLC is a financial services-focused private equity firm based in New York. With assets under management of approximately $40 billion, Clarion Partners manages private equity real estate across a broad range of products and strategies for 200 domestic and international institutional investors. Legg Mason is a global asset management firm with $671.5 billion in assets under management as of December 31, 2015.

The Davis Polk corporate team includes partner Michael Davis and associates Harold Birnbaum and Camila Panama. Partner Michael Mollerus and associate Vinay Prabhakar are providing tax advice. Partner Edmond T. FitzGerald is providing executive compensation advice. Partner Pritesh P. Shah is providing intellectual property and technology advice. Partner Gregory S. Rowland and associate Brantley Hawkins are providing investment management advice. All members of the Davis Polk team are based in the New York office.

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