GeoWealth has secured an additional $42.5 million in its Series C funding round from Goldman Sachs, marking the investment bank's shift from technology partner to minority stakeholder in the turnkey asset management platform.
The strategic investment, announced Thursday, extends GeoWealth's Series C to a total of $80.5 million following an initial $38 million round led by Apollo last August. The funding provides both growth capital and shareholder liquidity while maintaining majority ownership by The Globe Resources Group, the family office that backs the TAMP.
Goldman Sachs now joins Apollo, BlackRock, JPMorgan Asset Management and Kayne Anderson Capital Advisors as minority investors in the platform, which serves RIAs nationwide. Bryon Lake, partner and global co-head of third party wealth at Goldman Sachs Asset Management, will join GeoWealth's board.
Last September, it was revealed that Goldman Sachs would take a 3.5% stake in T. Rowe Price through a $1 billion minority investment.
Goldman's investment in GeoWealth deepens a relationship that began in October 2024, when the two firms first partnered to deliver custom model portfolios through GeoWealth's platform. In May last year, Goldman extended that partnership to offer RIAs public-private model portfolios combining evergreen alternative investments with traditional assets.
"We're pleased to welcome Goldman Sachs as a new investor and build on the strong partnership we've already established together," GeoWealth chief executive Colin Falls said in a statement.
GeoWealth has positioned itself around unified managed accounts that allow advisors to combine multiple investment vehicles within a single custodial account. The platform's focus on blending public and private markets has attracted backing from major asset managers looking to distribute alternative investments through the RIA channel.
In November, the firm launched a private model marketplace featuring pre-built portfolios from its four asset manager investors. The marketplace offers professionally managed models consisting entirely of semi-liquid alternative products, with integrated workflows for rebalancing and cash management.
Lake called back to those efforts on Thursday, highlighting how GeoWealth's platform "empowers advisors to seamlessly deliver customized portfolios combining public-private investment solutions at scale."
The firm has seen growth from large enterprise RIAs and new custom model portfolio partnerships, according to the announcement. Research by Cerulli shows nearly nine in 10 asset managers see custom models as an additional opportunity for product development.
Part of its previous funding round in August went toward acquiring the TAMP business of Freedom Advisors. With the new capital, GeoWealth plans to enhance its technology platform, with particular focus on reinforcing its custom and public-private model capabilities. The firm will also invest in product development and client service to support advisor demand for flexible investment solutions.
The investment comes as alternative assets become increasingly accessible to wealth advisors beyond institutional investors, with TAMPs and model portfolio platforms serving as key distribution channels for asset managers.
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