57.5 F
Laguna Hills
Wednesday, Feb 21, 2024
-Advertisement-

Joe Duran Starts New Venture Fund

Begins Rise Growth Partners

Joe Duran, who successfully built a wealth manager that was sold to Goldman Sachs for $750 million, has started a new firm offering minority stake capital and other resources to registered investment advisory firms.

Rise Growth Partners, which is based in Austin, Texas., announced it has a $250 million commitment from Charlesbank Capital Partners, a middle-market private investment firm. Rise will seek to acquire significant minority stakes in select RIA firms. ranging from approximately $1 billion to more than $5 billion.

“Joining forces with Charlesbank marks a significant milestone for our firm,” Duran, executive managing partner of Rise, said in a statement.

“As we embark on this journey to transform the wealth management industry for the better, we’re confident we have the right capital partners in our corner.”
Duran began Newport Beach-based United Capital Financial Planners in 2005 and built it to $25 billion in assets before selling it in 2019 to Goldman Sachs. Duran last year left the unit, which Goldman eventually sold.

Ardea Partners LP served as the exclusive financial advisor to Rise in conjunction with the transaction. Simpson Thacher & Bartlett LLP provided legal counsel to Charlesbank, and Kilpatrick Townsend & Stockton LLP provided legal counsel to Rise.

 

 

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-