Key Takeaways
- • Modern Wealth Management, a registered investment adviser founded in April 2023, secured a $200 million hybrid debt-and-equity investment from funds managed by Centerbridge Partners, according to a Business Wire announcement.
- • Harvest Partners SCF funds also invested in the transaction alongside Centerbridge.
- • Crestview Partners remains the firm's largest institutional investor, and Modern Wealth has grown to almost $17 billion in assets under management through 26 acquisitions since its launch.
- • The firm has more than 150 employee shareholders and remains majority employee-owned, per company leadership.
- • David Canter, CEO of Finley Point Strategy LLC and former Fidelity Institutional RIA head, joined the board and made a significant equity investment via ATON Associates.
Summary
Modern Wealth Management ("Modern Wealth"), a registered investment adviser (RIA) firm, announced a $200 million hybrid debt-and-equity investment from funds managed by Centerbridge Partners to support its next phase of growth, according to a Business Wire release. Funds managed by Harvest Partners SCF also participated in the investment.
The transaction comes roughly three and a half years after the firm's founding in April 2023. Modern Wealth, led by Gary Roth, Mike Capelle, Jason Gordo and Jason Del Col, has grown to almost $17 billion in assets under management through a combination of strategic acquisitions and organic growth, completing 26 acquisitions since launch. The firm also has more than 150 employee shareholders. Crestview Partners, which provided the firm's initial $200 million equity financing in 2023, will remain its largest institutional investor alongside Centerbridge.
According to the release, the new capital will accelerate the firm's acquisition strategy, expand its presence in key markets and strengthen its integrated wealth management platform. Gordo, president and co-founder, said the investment allows the firm to accelerate growth while continuing to invest in people and capabilities, and that the company will remain majority employee-owned.
Separately, David Canter, CEO of Finley Point Strategy LLC, former president of Bluespring Wealth Partners and former head of Fidelity Institutional's RIA and family office businesses, joined the board of directors. Canter also made a significant equity investment in Modern Wealth through ATON Associates, a firm focused on minority investments in the wealth management ecosystem.
Eric Hoffman, Senior Managing Director at Centerbridge Partners, said the firm is well positioned to capitalize on growth opportunities across the independent wealth management industry. Dan Kilpatrick, Partner and Head of Financial Services at Crestview Partners, praised the leadership team's vision. Ardea Partners served as lead financial adviser to Modern Wealth on the transaction, with Houlihan Lokey and Citizens Bank also providing financial advice.
The transaction comes roughly three and a half years after the firm's founding in April 2023. Modern Wealth, led by Gary Roth, Mike Capelle, Jason Gordo and Jason Del Col, has grown to almost $17 billion in assets under management through a combination of strategic acquisitions and organic growth, completing 26 acquisitions since launch. The firm also has more than 150 employee shareholders. Crestview Partners, which provided the firm's initial $200 million equity financing in 2023, will remain its largest institutional investor alongside Centerbridge.
According to the release, the new capital will accelerate the firm's acquisition strategy, expand its presence in key markets and strengthen its integrated wealth management platform. Gordo, president and co-founder, said the investment allows the firm to accelerate growth while continuing to invest in people and capabilities, and that the company will remain majority employee-owned.
Separately, David Canter, CEO of Finley Point Strategy LLC, former president of Bluespring Wealth Partners and former head of Fidelity Institutional's RIA and family office businesses, joined the board of directors. Canter also made a significant equity investment in Modern Wealth through ATON Associates, a firm focused on minority investments in the wealth management ecosystem.
Eric Hoffman, Senior Managing Director at Centerbridge Partners, said the firm is well positioned to capitalize on growth opportunities across the independent wealth management industry. Dan Kilpatrick, Partner and Head of Financial Services at Crestview Partners, praised the leadership team's vision. Ardea Partners served as lead financial adviser to Modern Wealth on the transaction, with Houlihan Lokey and Citizens Bank also providing financial advice.
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