Cresset announced 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 deal represents a less than 10% stake in Cresset and will be used to further enhance Cresset’s platform, technology, and recruitment of high-caliber teams. Cresset remains independent, with employees and clients being the overwhelming majority owners of the business.
The deal’s key advisors included Moelis & Company, Goldman Sachs, Latham & Watkins, ArentFox Schiff, Deloitte, KPMG, Kirkland & Ellis, Houlihan Lokey, and William Blair.
KEY QUOTES:
“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. This investment serves as a strong validator of Cresset’s vision, business model, marketplace position, and growth trajectory.”
- Avy Stein, Co-Founder and Co-Chairman of Cresset
“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.”
- Karl Heckenberg, President and Managing Partner with Constellation Wealth Capital
