Rise Growth Partners Receives $250 Million Commitment from Charlesbank Capital Partners

Wealth management industry veteran Joe Duran has made an impressive start to the year with the launch of his new firm, Rise Growth Partners. Now, he can match his big ambitions with a sizable war chest, as the firm announced that it has received a $250 million commitment from private-equity firm Charlesbank Capital Partners.

This significant commitment will enable Rise Growth Partners to pursue its mission of acquiring minority stakes in registered investment advisor firms and fueling their growth. With the additional capital, hands-on operational guidance, and acquisition advice provided by Rise, these firms can expect a boost in their expansion efforts. Rise is specifically targeting registered investment advisors with assets under management ranging between approximately $1 billion and $5 billion.

The $250 million commitment from Charlesbank will be utilized by Rise as it closes its minority stakes in these advisor firms and makes follow-on investments. However, specific deal terms were not disclosed by Rise.

Joe Duran, the executive managing partner of Rise, expressed his excitement about the new partnership, stating, “Joining forces with Charlesbank marks a significant milestone for our firm. Their team emphasizes integrity, collaboration, and excellence, all qualities that resonate deeply with our ethos.”

Joe Duran brings a wealth of experience to Rise Growth Partners. Having founded wealth manager United Capital in 2005, he successfully expanded it into a leading national registered investment advisor before ultimately selling the company to Goldman Sachs in 2019. Following the sale, Duran served as an executive at Goldman before leaving to establish Rise last year. The official launch of Rise took place in September 2020. Duran has emphasized that RIAs require more than just capital for growth; they also need guidance and a clear roadmap to achieve their goals.

It is worth noting that Goldman later sold United Capital to Creative Planning, one of the largest RIAs in the country, in August.

Charlesbank Capital Partners is the first external backer for Rise Growth Partners. The management team at Rise has also made investments in the firm, according to a spokesperson for Rise.

David Katz, managing director at Charlesbank, highlighted Rise’s management team as a key factor in their decision to back the firm. He said, “Rise offers a unique value proposition grounded in the leadership team’s extensive industry and growth experience, its partnership culture, and its differentiated investment process.”

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