Curi Capital, a Chicago-based registered investment adviser overseeing more than $14 billion in assets under advisement, has agreed to a majority investment from private equity firm The Vistria Group, the companies announced Tuesday.
The deal, expected to close in late September, marks the second major ownership change for the firm in under three years, whil adding to the broader trend of continued consolidation among mid-sized RIAs.
Under the agreement, Vistria will become an ownership partner alongside Curi Capital's employee owners and its existing shareholders, which include the healthcare advisory firm Curi and Wealth Partners Capital Group, which also has interests in MAI Capital Management, Waverly Advisors, MCF Advisors, and Crewe Advisors, among other RIAs.
Vistria, through one of its investment vehicles, will acquire a majority ownership interest in the firm once the transaction closes, Curi Capital CEO Dimitri Eliopoulos told InvestmentNews by email. The deal with Vistria will not impact WPCG's position in Curi, he added.
Based in Chicago, Vistria is a middle-market firm with $18 billion in assets under management and a financial-services portfolio spanning wealth management, retirement services, employee benefits and insurance. Aside from Curi, the firm took a stake in the Mather Group in a 2022 deal that marked Vistria's first partnership in the wealth space.
Curi Capital said the capital will support four priorities: upgrading technology platforms, recruiting and training top professionals, expanding client-service offerings, and pursuing acquisitions of "like-minded" RIAs in both existing and new markets.
"Our focus is on identifying firms that share our values and client-first focus, and that bring employee talent, innovation, and expertise to make our combined firm stronger," he said.
"We expect the firm to grow in many areas, including client advisory, investment management, and investment operations," Eliopoulos added. "We are also focused on growth that enables us to expand our client service capabilities in areas such as estate planning and tax preparation."
The firm said clients will continue working with their existing advisory teams under the current name and service model, with no changes to the client experience.
Curi, the healthcare advisory parent, will remain a shareholder and continue supporting the business, while WPCG is expected to keep a leadership role in sourcing future acquisitions, drawing on its strategic M&A expertise and deal-sourcing network built over prior transactions.
Curi Capital's roots trace to 2005 with the foundation of RMB Capital in Chicago as an independent wealth manager.
The Curi Capital brand itself emerged separately in 2019, when Curi, a healthcare advisory firm then known as Medical Mutual of North Carolina – launched an RIA in partnership with MAI, which had roughly $8 billion in assets at the time. The joint venture was built around a niche client base: physicians who purchased malpractice insurance through Curi.
Eliopoulos, who had been RMB Capital since its founding and served as president of its wealth-management business, left to become Curi Capital's first chief executive in late 2019. The Raleigh, North Carolina-based venture had attracted roughly $380 million in assets and 200 clients within its first several months.
That structure did not remain a standalone venture for long. In November 2023, Curi and RMB Capital announced a merger that combined RMB's $9.6 billion in assets with Curi Capital's $1.6 billion at the time, creating an $11.2 billion combined entity in the deal that closed on January 1, 2024. Eliopoulos stepped up to lead the combined firm, reuniting him with former RMB colleagues, with RMB's Chicago office selected as the new headquarters.
Curi Capital said it now serves several distinct client segments: high-net-worth individuals and families through a team-based advisory model, business owners navigating succession planning, medical professionals and healthcare executives with specialized planning needs, and a family office practice with more than 40 years of history supported by more than 20 professionals and senior relationship managers.
"From our first conversations with Vistria, it was clear we shared a common philosophy about serving clients, supporting employees, and building a business for the long-term," Eliopoulos said in the Tuesday announcement. "With their support, we're positioning the firm to grow and lead the wealth management industry into the future."
Vistria's financial-services executives framed the deal as a bet on Curi Capital's breadth. "Curi Capital has built an exceptional business rooted in trusted client relationships and a clear vision for the future," said Mike Castleforte, senior partner and co-head of financial services at The Vistria Group.
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