Austin, Texas-based Rise Growth Partners said Tuesday it took a strategic minority stake in Bleakley Financial Group, a Fairfield, New Jersey-based wealth management firm that serviced almost $10 billion in advisory assets as of June 30. The transaction represents Rise Growth’s first minority investment since its launch last year.
The partnership will provide Bleakley, which was founded in 1985, with the resources and capital it needs to attract growth-focused firms, advisor teams and individual advisors, according to Rise Growth.
In February, Rise Growth announced a $250 million investment commitment from private investment firm Charlesbank Capital Partners to support its efforts to invest in select RIAs. Rise Growth seeks to acquire minority stakes in high-growth RIAs and provide capital, hands-on operational guidance, and acquisition expertise to help those RIAs grow. Charlesbank has raised over $18 billion since its founding in 1998.
Rise Growth is “actively deploying this capital and plans to continue investing in select firms that align with its strategic goals and vision,” it said.
‘Making A Meaningful Impact’
“From the inception of Rise and with each new addition to our team, our focus has never been solely on deal-making, but on making a meaningful impact,” according to its Managing Partner, Joe Duran.
“Bleakley exemplifies all the essential pillars we seek in firms that we will partner with to build a lighthouse brand in the industry,” he said. “For one, their experienced and aligned management team has fostered a client-centric culture. In addition, they have developed a platform that empowers advisors to practice at the top of their license and focus on delighting clients. Last but by no means least, Bleakley’s consistent growth, achieved through organic and inorganic strategies, is a testament to the team’s capabilities.”
Bleakley’s Focus On Growth
“As a firm built by advisors for advisors, our focus has always been on growth,” according to Andy Schwartz, Principal at Bleakley.
“We take pride in consistently delivering high-caliber planning and investment strategies to our clients,” Schwartz said. “For a long time, we have considered bringing on a partner to accelerate our evolution into a nationally recognized firm. In Rise, we found a strategic partner with not only capital but also the expertise to expand a national firm that attracts top-tier growth-oriented advisors.”
Rise Growth says it will work with the Bleakley team to “optimize operations, cultivate organic growth and build repeatable acquisitions and/or recruiting processes accelerating their path to market leadership.”
Jeff Berman, Contributing Editor & Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.
