Procyon Partners, an RIA operating within the Dynasty Financial Network, has officially become the latest to join the industry trend of firms pursuing growth strategies with PE backing.
On Thursday, the Connecticut-based independent announced that it has secured a strategic minority investment from Constellation Wealth Capital, a move expected to accelerate the firm’s national expansion and bolster its advisor platform.
The RIA, which manages more than $8 billion in client assets, operates offices in Connecticut, New York City, Long Island, Tennessee, and Maryland. The firm will continue to run independently, with back-office support from Dynasty Financial Partners.
Constellation’s investment is the latest in a series of strategic steps taken by Procyon to enhance its leadership team and broaden its investment platform. Since December, Procyon has made several notable hires, including Rich Franchella as senior vice president of business development, tasked with spearheading advisor recruitment.
In January, Mark Sullivan, formerly with UBS, joined as senior private wealth advisor overseeing $800 million in client assets. Most recently in March, the firm added Massimo Santicchia as head of US investments and Katherine Gallagher as director of investment research.
“This is a transformative moment for our firm,” Phil Fiore, chief executive and co-founder of Procyon Partners said in a statement Thursday. “CWC shares our commitment to client-first values, innovation, and long-term partnership.”
Constellation Wealth Capital focuses on providing minority, non-controlling investments to growth-oriented wealth management firms. The firm said the Procyon partnership is part of its ongoing strategy to back high-performing RIAs with scalable platforms and strong leadership.
“[The Procyon Partners team] has built a compelling, advisor-driven business with a clear growth trajectory,” said Karl Heckenberg, president and managing partner at CWC “We look forward to partnering with them as they continue to redefine excellence in independent wealth management.”
Procyon emphasized that its partnership with Constellation aligns with its long-term strategic goals and reinforces its commitment to fiduciary values and client service.
CWC's investment history includes several high-profile deals over the past year. In January 2024, it backed Perigon Wealth Management, a $6.5 billion firm, following Merchant Investment Management’s exit. In March, it made a strategic investment along with Allianz X in AlTi Tiedemann Global, with CWC committing to invest $150 million.
Later in November, CWC deployed $150 million into Cresset Capital Management, a multi-family office and private investment firm overseeing $60 billion.
The firm capped off 2024 by closing its inaugural fund with more than $1 billion in capital commitments. Investors in the oversubscribed fund include insurers, endowments, asset managers, and family offices.
In January, CWC made a strategic investment in Bogart Wealth, an independent wealth management firm with approximately $3 billion in assets under advisement.
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