Boise, Idaho-based RIA Caprock announced the acquisition of Venturi Private Wealth, an Austin, Texas-based RIA that oversees $4 billion in assets under management (AUM). The deal expands Caprock’s footprint in Texas, where it also operates an office in Austin, and adds Venturi’s Oklahoma City office.
“Venturi has built an exceptional firm grounded in trust, thoughtful advice and long-term client relationships,” said Greg Brown, Co-CEO of Caprock. “They share our belief that serving wealthy families requires a broad family office approach that extends well beyond investment management.”
Founded in 2015, Venturi serves entrepreneurs, executives and families, providing investment management, financial planning, family office services, wealth education and governance services.
Venturi will operate under the Caprock brand an on its platform after closing. Venturi Co-Founder and CEO Russ Norwood and Joey Sager, who leads Venturi’s Oklahoma City office, will become Managing Directors at Caprock.
Last year was the most active year on record for RIA M&A, according to Berkshire Global Advisors. It attributed the deal flurry to several factors, including firms’ desire to expand both their client base and capabilities.
“As expectations rise, RIAs are expanding service offerings and enhancing the client experience,” the report said, “as families seek fuller coordination across their financial lives, including estate planning, trust services, tax planning and charitable planning.”
Caprock has $8 billion invested in private markets. Cerulli estimated that advisors will allocate $3.7 trillion to private markets through 2029, about twice the amount they do today.
“As we considered the next chapter for our firm, it was important to find a partner that would strengthen what we do for our clients,” said Russ Norwood, Co-Founder and CEO of Venturi. “Caprock brings broader investment capabilities, deeper family office resources and the scale to support clients as their needs continue to evolve.”
Berkshire Global Advisors served as Venturi’s exclusive financial advisor on the deal, while DLA Piper served as its legal counsel. Stoel Rives served as Caprock’s legal counsel.
In April, Caprock opened a new office in Denver. It operates offices in 11 cities, including Seattle, San Jose, New York and Chicago. It advises on approximately $17 billion in client assets.
Thomas Lee, Senior Editor and Staff Writer, can be reached at thomas.lee@wealthsolutionsreport.com.
