Multifamily office Caprock strikes first deal for $2.2B boutique firm

Jay Page and Jeffrey Friedstein of Grey Street Capital

The Idaho-headquartered firm tops the $11B AUA mark as it scoops up an independent wealth firm based in Chicago.

Caprock, a prominent multifamily office RIA offering specialized services to ultra-high-net-worth individuals, marked a milestone in its growth story with its first-ever acquisition. The firm announced that it has snapped up Grey Street Capital, a boutique advisory firm based in Chicago with $2.2 billion in client assets.

Beyond a consolidation of assets, Caprock is billing the integration as a marriage of expertise and client-centric philosophies, aimed at enhancing the level of service provided to the well-heeled client base both firms serve.

“Caprock and Grey Street fit very well with each other as both firms are focused on providing sophisticated solutions to a select number of ultra-affluent families,” Caprock co-CEO Gregory Brown said in a statement. “We both have very talented teams with similar business models, expertise, and investment philosophies.”

Brown highlighted the union with Grey Street as a coup that “sets a high bar for finding future partners” while showcasing his firm’s “commitment to growing organically while maintaining the integrity of the services we provide.”

The landmark deal with Grey Street – co-founded in 2017 by Goldman Sachs alums Jay Page and Jeffrey Friedstein – elevates Caprock’s assets under advisement to $11 billion.

With the acquisition, Grey Street Capital will dissolve its brand to operate under the Caprock banner.

Up until now, Caprock has served its client base of 300 affluent families with its expertise in private equity, venture capital, real estate, and private credit, across locations in Boise, Idaho; Seattle; San Jose and Newport Beach, California; Park City, Utah; New York; and Austin, Texas.

It’s expanding that domain as it adds Grey Street’s presence in three other locations: Scottsdale, Arizona; Winter Park, Florida; and Morris County, New Jersey.

“Joining the Caprock team means our advisors and clients will now have access to an even greater tool set,” said Jay Page, co-founder and CEO of Grey Street.

Page also noted the shared ethos between the two entities, emphasizing their “client-first approach to wealth management” which contrasts with others that “limit themselves to model portfolios filled with liquid assets.”

“Whether it’s this acquisition or any future transactions, the most important thing is that the quality of the service our clients experience never gets compromised,” said Caprock co-CEO Bill Gilbert. “Rather, the goal is to enhance it.”

The terms of the agreement between Caprock and Grey Street Capital were not disclosed.