Dallas-based True North Advisors is the most recent registered funding advisory agency to obtain a minority, non-controlling funding from Wealth Companions Capital Group and HGGC’s Aspire Holdings platform, a pair of personal fairness retailers targeted on the impartial wealth administration house.
With about $3.3 billion beneath administration throughout greater than 600 particular person shoppers and round 30 institutional buyers, True North was based by CEO Scott Wooden and President Mark Gehlbach. Serving entrepreneurs, enterprise house owners and households, the 50-person multi-family workplace consists of 19 monetary planners, a 10-person funding group and 6 individuals offering enterprise operations help.
The agency additionally provides turnkey entry to another funding platform with a menu of “institutional-quality personal investments,” known as Western Various Methods.
Since celebrating its 20th anniversary in July 2020, True North has grown belongings by $1.3 billion.
The funding, phrases of which weren’t disclosed, will help regional enlargement by way of a deliberate inorganic development technique after two earlier offers in 2017 and 2018, one in all which established a second True North location in Fort Value.
The purpose is to begin slowly, “ideally one or two this 12 months,” and acquire transaction experience because the agency expands regionally throughout Texas and the Southwestern U.S., in keeping with Gehlbach.
“True North is nicely positioned to broaden its platform, and we’re happy to carry further assets to assist the agency proceed its momentum by way of each natural development and strategic M&A,” HGGC President Neil White mentioned in a press release. “We look ahead to supporting the administration crew on these and different business-building initiatives within the coming years.”
“We’re assured that this partnership will open up new alternatives for development, creativity, and success,” added Gehlbach.
This isn’t the primary time HGGC and WPCG have teamed as much as purchase a chunk of a quickly rising RIA in help of inorganic development. At present, the funding autos each personal stakes in Advantage Monetary, Waverly Advisors and Apella Capital.
WPCG, which debuted in 2017 with investments in EP Wealth Advisors, Forbes Household Belief and MAI Capital Administration, additionally joined forces with Galway Holdings when it purchased a majority of MAI. Since launching, WPCG has supported $33 billion in asset development throughout all portfolio companies.