The $150 million investment represents a less than 10% stake in Cresset and will be used to further fund technology initiatives and the recruitment of high-caliber teams.
CHICAGO – Nov. 27, 2024 – Cresset announced today that it has closed on a $150 million minority, long-duration investment from Constellation Wealth Capital, which is a long-term strategic investor that provides capital solutions exclusively to wealth management businesses and multi-family offices. This investment represents a less than 10 percent stake in Cresset and will be used to further enhance Cresset’s platform, technology, and recruitment of high-caliber teams. Cresset remains proudly independent, with employees and clients being the overwhelming majority owners of the business.
“We are pleased to welcome the Constellation team as partners in our mission to reinvent the way clients experience wealth. Constellation invests long-duration capital exclusively with wealth management businesses and multi-family offices, bringing significant experience that will serve our clients and team well. They also share our vision to build a 100-year business and commitment to serve our client families with excellence, for generations,” said Avy Stein, Co-Founder and Co-Chairman of Cresset. “This investment serves as a strong validator of Cresset’s vision, business model, marketplace position, and growth trajectory.”
“We are thrilled to invest in a firm that is so singularly focused on client success and that is reimagining what a multi-family office can and should provide to successful families. We share Cresset’s 100-year vision and are committed to investing in Cresset for the long-term benefit of client families,” said Karl Heckenberg, President and Managing Partner with Constellation Wealth Capital.
Key advisors to the deal included Moelis & Company LLC, Goldman Sachs, Latham & Watkins, ArentFox Schiff, Deloitte, KPMG, Kirkland & Ellis, Houlihan Lokey, and William Blair.
About Cresset
Cresset is an award-winning, independent, multi-family office and private investment firm. Cresset’s goal is to reinvent the way people experience wealth by providing access to the talent, ideas, and investment opportunities available to the largest single-family offices and endowments. We offer deeply personalized wealth management, investment advisory, and family office services through Cresset Asset Management, an SEC-registered investment advisor[1] that has surpassed $60 billion in assets under management[2]. Cresset is widely recognized for its comprehensive offerings and is frequently ranked as a Barron’s and Forbes Top RIA Firm[3]. Learn more at cressetcapital.com.
About Constellation Wealth Capital
Constellation Wealth Capital (CWC) is an alternative asset management platform dedicated to the wealth management sector. CWC provides flexible, long-term capital solutions, and strategic advisory support to scaled wealth management platforms. CWC leverages its deep industry experience and relationships for the benefit of its partner firms. Learn more at constellationwealthcapital.com or contact us at [email protected].
[1] Registration with the as an investment adviser does not imply any specific level of skill or training.
[2] Cresset has $60 billion in assets under management (AUM) as of 11/1/24.
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