Modern Wealth Management has raised $200 million in hybrid debt and equity financing from funds managed by Centerbridge Partners.
The newly announced hybrid captal financing gives the Monterey, California-based RIA aggregator more capital for acquisitions, roughly three and a half years after it launched.
Funds managed by Harvest Partners SCF also participated. Crestview Partners, which supplied Modern Wealth’s initial $200 million in equity in 2023, remains the firm’s largest institutional investor. More than 150 employees own shares.
Modern Wealth was founded in April 2023 by Goldman Sachs and United Capital veterans Gary Roth, Mike Capelle, and Jason Gordo. Today, the trio leads the firm along with Jason Del Col, another Goldman and United Capital alum who joined the firm in 2024.
Since inception, the firm has completed 26 acquisitions and now manages almost $17 billion in assets.
Modern Wealth said the latest capital from Centerbridge Partners will fund more acquisitions and expansion in key markets. It will also go toward the firm’s planning, tax and estate capabilities, its technology and its centralized advisor support.
Gordo, president and co-founder of Modern Wealth, emphasized that the firm will stay majority employee-owned, which he said "ensures the people building this business continue to have a meaningful stake in its future."
Along with the latest hybrid capital investment, Modern Wealth announced David Canter, chief executive of Finley Point Strategy, has joined its board. Canter also made what the firm described as a significant equity investment through ATON Associates, which takes minority positions in firms across the wealth management industry.
Canter is one of the better-known executives in the independent channel. He spent eight years in Charles Schwab’s RIA business starting in 2000. He then spent nearly 13 years at Fidelity Investments and led its RIA business from 2017 until he left in mid-2022.
Later that year he became president of Bluespring Wealth Partners, Kestra Holdings’ RIA consolidator, though he left the role in 2023. In early 2024, alternative investment platform CAIS named him a strategic advisor.
Along with Canter, the handful of executives leading ATON Associates includes Peter Nesvold, the M&A veteran who co-founded investment bank Silver Lane Advisors with his wife Liz Nesvold before it was acquired by Raymond James in 2019. Now a partner at Republic Capital Group, Nesvold joined the board of directors at SignatureFD in 2025.
Learn more: The current state of wealth management
Modern Wealth’s raise comes amid a busy month for capital flowing into aggregators and advisor platforms. Elevation Point, the Minneapolis firm founded by former Sanctuary Wealth CEO Jim Dickson, brought in Merchant Investment Management as a minority investor and expanded its credit facility. Emigrant Partners sold its stake as part of the deal.
In Chicago, VestGen Wealth Partners secured growth capital from Willow Tree Credit Partners, a New York private credit lender. The money will extend a Midwest buying spree that has brought 19 firms and $7.5 billion in assets onto VestGen’s platform in two years.
Wealthspire’s Ground Control is also expanding in London, adding a business manager focused on music and global touring
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