Multi-family-office platform Cresset Capital has taken a minority stake in True Capital Management, a San Francisco-based wealth manager that focuses on catering to sudden wealth clients such as professional athletes and lottery winners.
Financial details about the transaction were not revealed.
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TRUE CEO Doug Raetz, COO and president Heather Goodman, along with other key staff will continue to own a majority interest in TRUE.
Goodman stated: “By helping to grow new wealth, we can help level the playing field, which we know adds up to real, important change – one family at a time.
“As we evaluated a potential relationship with Cresset, it became clear to us that Cresset Co-Founders Avy Stein and Eric Becker and their team share our goals and values.”
The deal is said to bolster Chicago-based Cresset’s sudden wealth management capabilities.
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By GlobalDataThe firm intends to support the growth plan of TRUE and team up with the wealth manager on investment opportunities.
On the other hand, TRUE – that works with over 200 households and oversees more than $1.2bn in assets – eyes expansion of service offering with the deal.
TRUE intends to tap the acquisition experience, access to capital, and national presence of Cresset.
Cresset co-founder and co-chairman Avy Stein said: “When we first met Heather and Doug, we found kindred spirits in terms of how we believe clients should be treated and the positive impact wealth can have.
“Our mutual dedication to providing access to a full suite of sophisticated family office services and private investment opportunities, coupled with TRUE’s leadership and additional expertise in serving sudden wealth clients, makes this an ideal partnership.”
Notably, last year, Cresset acquired Cypress Wealth Advisors as well as Evanston Advisors.
