Investcorp has invested in Berger Financial Group, a wealth management platform providing financial advisory services to individual investors and retirement savers across the United States. The investment adds a fee-based wealth management platform to Investcorp’s growing roster of specialized business and professional services firms, which includes notable investments such as PKF O’Connor Davies, AlixPartners, CrossCountry Consulting, ICR, Resultant, and United Talent Agency.
Berger, founded in 1981 and headquartered in Minnesota, provides financial and retirement planning, tax planning, and portfolio management services to more than 3,800 clients across nine offices, with more than $3 billion in assets under management. The company has built a strong history of growth supported by strategic acquisitions and senior hires, offering investment guidance to clients with varying objectives and financial goals. Berger’s management team and financial advisors will continue to be significant owners in the business alongside Investcorp.
The investment comes amid Investcorp’s multi-year strategic pursuit of an investment opportunity in the North American wealth management sector, a market the firm sees as benefiting from attractive, secular tailwinds including aging demographics, a significant near-term generational wealth transfer, rising financial complexity, and sustained migration toward fee-based fiduciary advice. Investcorp’s North America Private Equity group has been investing in North American mid-market businesses for more than 40 years and has completed more than 79 transactions, deploying more than $25 billion in transaction value since its inception. Today’s announcement follows the firm’s acquisition of Guardian Fire Services in December 2025.
KEY QUOTES:
“Berger is exactly the kind of platform we look to back: a differentiated, fee-based wealth management business with exceptional client and advisor retention and significant runway for value creation in a large, fragmented market. Berger has built something special, a planning-first model that has earned deep, lasting connection with its clients. We’re thrilled to partner with Nick and the entire team to accelerate their growth, expand their capabilities, and support the next chapter of the firm’s story.”
Vitali Bourchtein, Managing Director, Investcorp North America Private Equity
“We are excited to work with Investcorp in the next phase of our growth, for which innovative partners with strong investment track records will be key to our success. The North American RIA sector is entering a period of significant growth and opportunity, supported by favorable tailwinds that mean companies like Berger are poised to capitalize on new and emerging opportunities. Investcorp has demonstrated deep knowledge of our sector, and we are confident in the partnership’s ability to increase Berger’s market positioning and scale potential in the coming years.”
Nick Asmus, CEO, Berger Financial Group
“This investment continues Investcorp’s long history of backing leading professional services businesses and reflects the discipline of our shadow portfolio strategy at its best: identifying an attractive sector early, building relationships with world-class executives to develop genuine expertise and conviction, and then remaining highly selective until the right platform comes along. Berger is that platform, and we could not be more pleased to partner with its exceptional management team.”
Steve Miller, Senior Managing Director and Co-Head of North America Private Equity, Investcorp
