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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 centered on the unbiased wealth administration house.
With about $3.3 billion beneath administration throughout greater than 600 particular person shoppers and round 30 institutional traders, True North was based by CEO Scott Wooden and President Mark Gehlbach. Serving entrepreneurs, enterprise homeowners 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 an alternate 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 via a deliberate inorganic progress technique after two earlier offers in 2017 and 2018, considered one of which established a second True North location in Fort Price.
The objective is to start out slowly, “ideally one or two this 12 months,” and achieve transaction experience because the agency expands regionally throughout Texas and the Southwestern U.S., in accordance with Gehlbach.
“True North is properly positioned to increase its platform, and we’re happy to carry extra sources to assist the agency proceed its momentum via each natural progress and strategic M&A,” HGGC President Neil White mentioned in an announcement. “We stay up for supporting the administration group on these and different business-building initiatives within the coming years.”
“We’re assured that this partnership will open up new alternatives for progress, 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 progress. At present, the funding automobiles each personal stakes in Benefit 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 progress throughout all portfolio corporations.
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