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Rise Progress Companions, the brand new agency led by United Capital founder and Goldman Sachs veteran Joe Duran, introduced Thursday the signing of a $250 million funding dedication from Charlesbank Capital Companions, a middle-market non-public funding agency with places of work in Boston and New York.
With the funding, Rise will search to accumulate “important minority stakes” in choose registered funding advisor corporations, and as soon as invested, Rise will present them with ongoing development capital, hands-on operational steering and acquisition experience to bolster their development.
In accordance with the announcement, Rise intends to disclose its choose group of preliminary companion RIAs over the course of 2024.
In a current interview with ThinkAdvisor, Duran, Rise’s founder and CEO, stated that, by taking minority stakes in its companion RIAs, Rise will likely be “bringing each wealth administration experience and financing to the get together.” The target is to triple and even quintuple the dimensions of the RIAs, he stated, and develop them into nationwide corporations.
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