Caprock, a Boise, Idaho–based multi-family office registered investment adviser serving ultra-high-net-worth clients, has announced the acquisition of Venturi Private Wealth, an Austin-based independent wealth management firm with approximately $4 billion in assets under management. The transaction brings approximately 30 employees to Caprock, including 10 advisors, and expands the firm’s footprint in Austin and Oklahoma City, where Venturi has an established presence. Terms were not disclosed.
Founded in 2015, Venturi serves entrepreneurs, executives and multigenerational families through a fiduciary, planning-oriented model that has increasingly extended beyond traditional investment management into family governance, wealth education, advanced planning and CFO services. That evolution mirrors Caprock’s own full-service family office approach, which combines outsourced chief investment officer and chief financial officer functions with integrated investment management and customized advice for families with significant and complex wealth. Caprock advises on approximately $17 billion in client assets, has more than $8 billion invested across private markets and serves 468 families nationwide from offices in Boise, Seattle, San Jose, Newport Beach, Park City, New York, Austin, Chicago, Scottsdale, Denver and Winter Park.
Following close, Venturi will operate under the Caprock brand and platform, with Venturi clients continuing to work with their existing advisors while gaining access to Caprock’s broader family office resources, a deeper menu of investments and the support of an experienced national team. Venturi co-founder and CEO Russ Norwood and Joey Sager, who leads Venturi’s Oklahoma City office, will become Managing Directors at Caprock. The acquisition strengthens Caprock’s presence in Texas and deepens its reach into one of the country’s largest and fastest-growing wealth management markets as Austin continues to attract high-net-worth entrepreneurs and executives.
Support: Berkshire Global Advisors served as exclusive financial adviser to Venturi, with DLA Piper as legal adviser; Stoel Rives served as legal adviser to Caprock.
KEY QUOTES:
“Venturi has built an exceptional firm grounded in trust, thoughtful advice and long-term client relationship. They share our belief that serving wealthy families requires a broad family office approach that extends well beyond investment management. We’re thrilled to welcome their team to Caprock and look forward to building on the strengths of both firms for the benefit of our clients.”
Greg Brown, Co-CEO, Caprock
“At Caprock, growth has never been about getting bigger for the sake of getting bigger. We look for firms that put clients first, share our values and make the overall experience for our clients stronger. Venturi has built a talented team and a strong presence in important growth markets for our firm. Our focus is on bringing the teams together thoughtfully and building on those strengths.”
Bill Gilbert, Co-CEO, Caprock
“Like Caprock, we’ve always believed that wealth management is about much more than managing investments. 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. Caprock brings broader investment capabilities, deeper family office resources and the scale to support clients as their needs continue to evolve, while preserving the culture, independence and client focus that have always defined Venturi.”
Russ Norwood, Co-Founder and CEO, Venturi Private Wealth
