The RIA firm Cresset has secured a $150 million minority investment from Constellation Wealth Capital, an alternative asset manager that invests long-duration capital exclusively with wealth management businesses and multi-family offices.
The investment gives Constellation less than a 10% equity stake in Cresset, according to the announcement, with employees and clients remaining majority business owners of the $60 billion RIA. The resources will be used to enhance Cresset’s platform, technology and recruitment capabilities.
Karl Heckenberg, president and managing partner of Constellation Wealth Capital, cited Cresset's “singular focus” on client success as a key driver of the investment.
