NEW YORK CITY-Clarion Partners, in partnership with Lightyear Capital, has completed the management buyout of ING Group’s US-based private market real estate investment management outfit. The group has operations in the US, Mexico and Brazil.

“Our firm has been serving real estate investors for nearly 30 years and this transaction represents the next chapter for Clarion Partners,” Stephen J. Furnary, Clarion’s chairman and CEO said in a prepared statement. “While our industry has been through a challenging period, we are starting to invest in strong opportunities across a number of markets and strategies.”

The Clarion Partners’ executive team will continue its management of the business. As GlobeSt.com previously reported, earlier this year, CB Richard Ellis Group agreed to buy the bulk of ING Group N.V.'s real estate operations for roughly $940 million in cash.