GTCR, a Chicago-based private equity firm that invests in financial services and technology firms, has taken a 25% stake in Captrust Financial Advisors, the first time the Raleigh, N.C.-based advisory has secured capital from a PE firm.
The investment reflects a $1.25 billion valuation of Captrust, which specializes in serving institutions and retirement plans, and will be used to provide partial liquidity to shareholders and as primary capital to fund acquisitions. Fielding Miller, the firm’s co-founder, chairman and CEO, will continue to lead Captrust and remain as the largest shareholder.
In a release, Captrust said that the GTCR investment has a minimum seven-year time horizon, and that the firm will hold two of the nine seats on the Captrust board.
Captrust advises on more than $390 billion in assets, including $45 billion in managed assets, and has more than 700 employees and 43 offices in 21 states.
Following Wall Street Journal reporting from unnamed sources, the Chicago-based financial giant stressed its commitment to "delivering long-term value to our stakeholders."
The advisor, Andrew Nash of El Capitan Advisors, used the funds to buy a house, according to the SEC.
The digital investment platform's announcement of a confidential submission to the SEC comes amid a broader trend of consumer fintech firms going to market.
The Canadian startup's latest funding round, raising $60 million from the banks and other investors, is set to fuel its continued expansion into the US.
Carson's latest addition in Salt Lake City continues its strategy of buying out successful and growing Carson Wealth locations.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
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