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.
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