Duran's Rise Growth Makes First RIA Investment
It is acquiring a minority stake in Bleakley Financial, which works with nearly $10 billion in assets and is based in Fairfield, New Jersey.
Rise Growth Partners, the new firm led by United Capital founder and Goldman Sachs veteran Joe Duran, has made its first strategic minority investment in Bleakley Financial Group.
Bleakley’s advisors service nearly $10 billion in advisory assets as of the end of June, according to the announcement. The partnership aims to provide the Fairfield, New Jersey-based firm with resources and capital for geographic expansion and enhanced growth via organic and inorganic pathways.
“Our team is committed to serving our partner firms, which we are meticulous in selecting,” Duran said in a statement. “Bleakley exemplifies all the essential pillars we seek in firms that we will partner with to build a lighthouse brand in the industry.”
Duran cited Bleakley’s “experienced and aligned management team” as key factors in the deal, alongside the firm’s “client-centric culture.” In addition, he said, Bleakley has developed a platform that empowers advisors to “practice at the top of their license and focus on delighting clients.”
“Last but by no means least, Bleakley’s consistent growth, achieved through organic and inorganic strategies, is a testament to the team’s capabilities,” Duran explained. “Rise looks forward to accelerating and supporting that growth.”
Andy Schwartz, principal at Bleakley, said his firm is gratified to have found a strategic partner with both the capital and the expertise to create a national firm that attracts growth-oriented advisors.
Earlier this year, Rise announced a $250 million investment commitment from Charlesbank Capital Partners, supporting its efforts to invest in select RIAs nationwide. The firm says it is now actively deploying this capital and plans to continue investing in firms that align with its goals and vision.
It hired two new senior executives last month: Jennifer Geoghegan and Tony Ling. Geoghegan, formerly of Focus Financial Partners, became Rise’s chief marketing officer; Ling, who used to work for Corsair Capital, was named managing partner of investments.
Pictured: Joe Duran