Bogart Wealth eyes more growth with minority staking deal

Bogart Wealth, an independent wealth management firm with approximately $3 billion in assets under advisement,

The firm announced Wednesday morning it has received a minority investment from alternative aset giant Constellation Wealth Capital. The strategic capital infusion will support Bogart’s growth in areas such as client services, technology, recruitment, and marketing while allowing the firm to maintain its independence.

The minority staking deal – a microcosm of the broader trend of private equity's broadening influence across the wealth space – is part of Constellation's broader strategy of providing long-term capital solutions to wealth management businesses and multi-family offices.

“We’re very excited to welcome Constellation Wealth Capital as partners in our mission to help clients achieve financial peace of mind by preserving and maximizing intergenerational wealth,” James Bogart, founder and CEO of Bogart Wealth, said in a statement on Wednesday. “The CWC team brings significant experience to our organization that will serve our team well and demonstrates our deep commitment to our clients and their families.”

Bogart Wealth will remain primarily employee-owned following the deal, the firm emphasized.

The firm, headquartered in McLean, Virginia, has seen significant growth in recent years, quadrupling its assets under management over the past five years. This expansion has been accompanied by the addition of 30 new employees and the launch of the Advisor Growth Track, a professional development program aimed at training and mentoring advisors to meet the needs of a growing client base.

Karl Heckenberg, president and managing partner of Constellation, underscored the alignment between the two firms.

“We are thrilled to invest in a firm that has been on a path of rapid organic growth and is so committed to client success,” Heckenberg said. “We share Bogart Wealth’s mission and vision and are committed to investing in the firm for the long-term benefit of client families.”

In 2024, Constellation secured minority equity interests in a number of RIA firms including Lido Advisors in January, Alti Tiedemann in March, and Cresset Capital Management in November. By December, the firm had closed its inaugural fund with more than $1 billion in capital commitments, surpassing the initial target set during its August 2023 inception.