RALEIGH,
N.C., Sept. 19, 2023 /PRNewswire/ -- CAPTRUST
Financial Advisors (CAPTRUST) announced today a minority growth
investment from funds managed by global investment firm
Carlyle (NASDAQ: CG). Carlyle will provide growth capital to
the firm which will be used to pursue strategic inorganic growth
opportunities. Neither GTCR nor any of CAPTRUST's executive
leadership teams will be selling secondary shares as part of the
transaction.
CAPTRUST added its first institutional capital partner, leading
private equity firm GTCR, in 2020 to support its strategic plans to
further expand the business nationally, at a valuation of
$1.25 billion. Since that time,
CAPTRUST has grown through the addition of 29 firms that broadened
the company's capabilities and geographic footprint and fueled the
firm's organic growth.
CAPTRUST's valuation has increased to more than $3.7 billion, with its equity value increasing by
more than $2 billion to more than
$3 billion. Carlyle's new growth
equity will be used to further drive this M&A strategy. Carlyle
and GTCR will be minority investors in CAPTRUST, both individually
and collectively.
"CAPTRUST was founded on the belief that everyone is best served
by working with financial advisors that serve as fiduciaries,
providing objective, conflict-free advice. Fast-forward more than
25 years, and that core belief remains the foundation of our
tremendous growth," said Fielding Miller, Co-founder and CEO,
CAPTRUST. "We remain focused on our clients first and have built
out the infrastructure and advisor force to deliver world class
solutions."
"CAPTRUST has established a well-defined position within the RIA
industry thanks to the firm's scale across wealth management,
retirement plans, and endowments and foundations," said
Collin Roche, GTCR Co-CEO and
Managing Director. "We believe in the future of this business and
are pleased to maintain our full commitment as an investor and a
strategic partner. We look forward to continuing to work with the
management team to further build on CAPTRUST's growth."
"CAPTRUST is one of the premier brands within the RIA industry,
with a deep bench of expertise and resources that support a premium
and ever-expanding service model," said Jim
Burr, Head of Global Financial Services at Carlyle. "The
firm has the unique position of leveraging its size and scale to
benefit not only clients, but also to benefit the communities it
serves. This differentiated position, coupled with CAPTRUST's
vibrant culture and strong leadership, makes us incredibly excited
to collaborate with our new partners."
Mike Hollander, Managing Director
at GTCR added: "CAPTRUST continues to expand its capabilities
through a robust inorganic growth strategy combined with strong
centralized capabilities, which has allowed the business to
generate exceptional growth. We are excited to support Fielding and
the team as they accelerate CAPTRUST's path forward."
Fielding Miller will continue to lead the firm and remains the
largest individual shareholder. CAPTRUST also has one of the
broadest employee ownership programs in the industry. Currently,
more than half of CAPTRUST employees participate in one or more of
the firm's equity programs.
"The culture at CAPTRUST is driven by unity, or as we say, One
Unified Practice. Our shareholder program is one of the ways that
we show our people just how important they are to the success of
our organization," continued Miller.
Ardea Partners LP served as exclusive advisor to CAPTRUST.
Alston & Bird LLP served as CAPTRUST's legal counsel. J.P.
Morgan served as lead advisor to Carlyle. Simpson Thacher &
Bartlett LLP served as Carlyle's legal counsel. Kirkland &
Ellis LLP served as legal advisor to GTCR.
Additional terms of the deal were not disclosed.
About CAPTRUST
CAPTRUST was founded in 1997 and
registered CapFinancial Partners LLC as an independent registered
investment advisor in 2003 in Raleigh,
North Carolina. The firm provides investment management,
financial planning, estate planning, and tax advisory and
compliance services for individuals and families. The firm also
offers a comprehensive suite of services for ultra-high-net-worth
individuals to simplify their financial lives, mitigate risk, and
perpetuate their legacies. For retirement plan sponsors,
endowments, foundations, and religious entities, CAPTRUST offers
investment advisory services, fiduciary support, plan design,
provider analysis and fee benchmarking, and employee advice
programs. With nearly 1,500 employees across 85 locations
nationwide, CAPTRUST oversees more than $832
billion in assets, including just over $688 billion in nondiscretionary assets under
advisement and just over $143 billion
in discretionary managed account assets (as of June 30, 2023).
About Carlyle
Carlyle (NASDAQ: CG) is a global
investment firm with deep industry expertise that deploys private
capital across its business and conducts its operations through
three business segments: Global Private Equity, Global Credit and
Global Investment Solutions. With $385
billion of assets under management as of June 30, 2023, Carlyle's purpose is to invest
wisely and create value on behalf of its investors, portfolio
companies and the communities in which we live and invest. Carlyle
employs more than 2,200 people in 29 offices across five
continents. Further information is available at www.carlyle.com.
Follow Carlyle on Twitter @OneCarlyle.
About GTCR
Founded in 1980, GTCR is a leading private
equity firm that pioneered The Leaders Strategy™ – finding and
partnering with management leaders in core domains to identify,
acquire and build market-leading companies through organic growth
and strategic acquisitions. GTCR is focused on investing in
transformative growth in companies in the Business & Consumer
Services, Financial Services & Technology, Healthcare and
Technology, Media & Telecommunications sectors. Since its
inception, GTCR has invested more than $25
billion in over 270 companies, and the firm currently
manages more than $35 billion in
equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more
information, please visit www.gtcr.com. Follow us
on LinkedIn.
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SOURCE CAPTRUST Financial Advisors