Cresset Capital takes minority stake in True Capital

Cresset Capital takes minority stake in True Capital
The Chicago-based RIA says it will help grow the firm, which serves ‘sudden wealth’ clients like pro athletes
FEB 05, 2020

Cresset Capital, a Chicago-based registered investment adviser managing $6.7 billion, has taken a minority stake in True Capital Management, a San Francisco-based RIA managing $1.2 billion that serves professional athletes and other “sudden wealth” clients.

Cresset, founded in 2017 by two private equity investors, said that it will support True’s growth strategy, and that the two firms will collaborate on investment opportunities. True CEO Doug Raetz and COO and President Heather Goodman, as well as other key employees, will retain majority ownership of the firm and direct its operations.

Last March, Cresset acquired Evanston Advisors, an Evanston, Ill.-based RIA managing $500 million in assets. In May, it acquired Cypress Wealth Advisors, a San Francisco-based RIA, which also managed $500 million in assets.

True currently manages assets on behalf of more than 200 households, with notable clients including Albert Pujols, Marshawn Lynch, Deandre Ayton, Diana Taurasi and Luka Doncic. Through its partnership with Cresset, TRUE plans to expand its suite of services and investment opportunities delivered to clients.

Latest News

The fight over the CFPB is just beginning
The fight over the CFPB is just beginning

Locked out of their offices and told to stay home, employees at the Consumer Financial Protection Bureau have asked the courts to intervene as Elon Musk and Republican leaders move to shut down the agency that was established to protect people from predatory lending and financial scams.

Business-focused wealth tech RISR lands $8B Wealthcare Capital Management partnership
Business-focused wealth tech RISR lands $8B Wealthcare Capital Management partnership

Fintech platform interVal has also introduced a new feature to help advisors support entrepreneurial business owner clients better.

LPL boosts revenue potential with amped-up alts platform
LPL boosts revenue potential with amped-up alts platform

Along with greater revenue, alternative investments also carry risks, one industry lawyer noted.

How SageSpring Wealth Partners' next-gen strategy has fueled its success
How SageSpring Wealth Partners' next-gen strategy has fueled its success

President Jeff Dobyns unpacks the strategic power of mentorship, what makes an "ideal team player," and how the firm's 89 percent success rate has paid off for veteran advisors.

Powell heads for hot-seat hearings with ongoing pressure from Trump policies
Powell heads for hot-seat hearings with ongoing pressure from Trump policies

The Fed chair is in for some "hyper-charged" meetings, with legislators likely to raise questions on tariff threats and apparent steps to comply with anti-DEI orders.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.