Former United Capital founder and CEO Joe Duran confirmed at the Future Proof conference in Huntington Beach, California, on Monday that he plans to make his return to the registered investment advisor sector soon with a company looking to take minority stakes in RIAs, as reported in August.
That new venture's name is Rise Growth Partners and it will launch in 2024, Duran said Monday.
in 2019, Duran sold United Capital to Goldman Sachs for $750 million; the RIA was rebranded Goldman Sachs Personal Financial Management.
Duran and a spokesperson for the new venture didn't immediately respond to a request for comment on Tuesday.
"We believe that exceptional advisors need better capital solutions," Rise Growth Partners says on its website.
It explains what type of RIAs it's looking to invest in: "If you are a growth oriented, Middle Market RIA" — which it defines as $750 million to $5 billion in assets under management — "with aspirations to become the next generation of national platforms, then you need more than just capital. You need an experienced partner to help you grow who has been there and done that."
The company adds:
