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.