Sunrise Senior Living Announces Majority Investment by BDT & MSD in Partnership with Senior Leadership to Acquire Company from PSP Investments

New Partnership to Support Continued Expansion of Sunrise's Leading Operating and Development Platform

MCLEAN, Va., Oct. 6, 2026 /PRNewswire/ -- Sunrise Senior Living ("Sunrise" or the "Company") today announced that funds affiliated with BDT & MSD Partners ("BDT & MSD"), a merchant bank and investment partner to leading businesses and management teams, have entered into a definitive agreement to acquire Sunrise from the Public Sector Pension Investment Board ("PSP Investments"), in a new partnership with Sunrise's senior leadership team, led by Chief Executive Officer Jack R. Callison, Jr.

For more than 45 years, Sunrise has helped pioneer modern senior living and built a reputation for quality, innovation and exceptional resident experience. Today, the Company operates more than 230 communities across the United States and Canada, serving more than 22,000 residents. Its platform includes a third-party management business, an active joint venture investment platform and a significant development pipeline of more than 50 new communities with expected development cost of approximately $7.5 billion.

This new partnership comes at a time when generational demographic shifts are driving growing demand for high-quality senior living. With its experienced leadership team, trusted brand, specialized operating capabilities and robust development platform, Sunrise is well positioned to meet this growing need through its differentiated, service-oriented approach.

"Sunrise is guided by a singular purpose: championing quality of life for older adults by creating environments that support longer, healthier, and happier lives," said Jack R. Callison, Jr., Chief Executive Officer of Sunrise Senior Living. "We thank PSP Investments for its support during a period of strong growth and evolution for Sunrise. We are excited to build on that progress with BDT & MSD as our majority investor, whose long-term approach and deep experience across hospitality, development, and real estate operations will complement our team's expertise and help accelerate Sunrise's next phase of growth. They share our values and our commitment to the residents and families we serve. Together we will continue to invest in our people, our culture, and the resident experience as we bring Sunrise's approach to lifestyle, wellness, hospitality and care to more families."

BDT & MSD brings decades of experience investing in and partnering with leading real estate operating businesses including Greystar, Speed Bay, and Auberge Collection. The firm also owns and operates assets including Four Seasons Hualalai, The Boca Raton, and Four Seasons Jackson Hole, and has developed distinctive hospitality and residential properties including Naples Beach Club and the soon-to-open Knox Street in Dallas. BDT & MSD's deep experience investing in specialized operating platforms, combined with its hospitality and residential expertise and long-term partnership-oriented approach, brings a differentiated perspective to Sunrise, where hospitality, customer care, brand, and real estate intersect.

"Sunrise is a category-leading business with an exceptional leadership team, trusted brand, and proven operating platform," said Coburn Packard, Head of Real Estate Equity at BDT & MSD Partners. "We have a longstanding relationship with Jack and his team and tremendous respect for the culture and organization they have built. The need for high-quality senior living is growing, and we believe Sunrise has the leadership, reputation, and platform to meet it. We look forward to working alongside the Sunrise team and building on the Company's legacy for many years to come."

PSP Investments first invested in Sunrise in 2014 and became its sole owner in 2023, a transition that gave the Company the flexibility to pursue and realize new growth opportunities and partnerships.

"Sunrise is a clear example of our approach to real estate investing: executing a disciplined business plan, backing an exceptional management team, positioning the Company for continued success and crystallizing the value we've built for the contributors and beneficiaries we serve," said Simon Marc, Senior Vice President and Global Head of Private Equity and Real Estate Investments at PSP Investments. "This transaction reflects our portfolio rotation strategy, recycling capital from a successfully executed investment into new opportunities."

Sunrise's senior leadership team will remain in place following the transaction and continue to manage its communities, investing significant personal capital alongside BDT & MSD's majority investment.

The transaction is expected to close in 2027, subject to customary regulatory approvals.

J.P. Morgan Securities LLC and Jones Lang LaSalle Securities, LLC are serving as advisors to PSP Investments on the transaction.

About Sunrise Senior Living

Founded in 1981, Sunrise Senior Living is credited with establishing the modern era of senior living. Guided by its mission of championing quality of life for all seniors, Sunrise delivers highly personalized experiences that seamlessly integrate lifestyle, wellness, hospitality and high-quality care to meet each resident's needs and preferences.

Today, Sunrise is a leading operator, owner and developer of private-pay luxury and premium senior living communities for older adults. Through its integrated operating platform, Sunrise provides independent living, assisted living, memory care and other specialized services designed to support seniors throughout their aging journey.

About BDT & MSD Partners

BDT & MSD Partners is a merchant bank serving founders, business owners, and long-term strategic investors. Formed in 2023 through the combination of BDT & Company and MSD Partners, the firm invests across private capital, private credit, and real estate, with a highly differentiated sourcing model rooted in longstanding engagement with founders, family business owners, and closely held companies.

Through its affiliated investment adviser, BDT & MSD has invested in or manages approximately $20 billion of real estate across a fully integrated platform. The firm's real estate platform invests across credit and equity, including real estate assets and operating companies, and works with owners and operators to create enduring value through aligned capital and a long-term investment approach.

About PSP Investments

The Public Sector Pension Investment Board (PSP Investments) is one of Canada's largest pension investors with $320.6 billion of net assets under management as of March 31, 2026. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police, and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.

Contact:

Sunrise
Sara Abriatis
[email protected]

BDT & MSD
Brooke Jaye
[email protected]

PSP Investments
Charles Bonhomme
[email protected]

SOURCE Sunrise Senior Living