Dallas-based True North Advisors is the most recent registered funding advisory agency to obtain a minority, non-controlling funding from Wealth Companions Capital Group and HGGC’s Aspire Holdings platform, a pair of personal fairness outlets centered on the unbiased wealth administration house.

With about $3.3 billion underneath administration throughout greater than 600 particular person purchasers and round 30 institutional buyers, True North was based by CEO Scott Wooden and President Mark Gehlbach. Serving entrepreneurs, enterprise house owners and households, the 50-person multi-family workplace consists of 19 monetary planners, a 10-person funding group and 6 folks offering enterprise operations assist.

Associated: Non-public Fairness in Wealth Administration: HGGC

The agency additionally provides turnkey entry to another funding platform with a menu of “institutional-quality personal investments,” referred to as Western Various Methods.

Since celebrating its 20^th anniversary in July 2020, True North has grown property by $1.3 billion.

Associated: Waverly Advisors Pronounces Largest Deal But

The funding, phrases of which weren’t disclosed, will assist regional enlargement via a deliberate inorganic development technique after two earlier offers in 2017 and 2018, one in all which established a second True North location in Fort Value.

The objective is to start out slowly, “ideally one or two this yr,” and achieve transaction experience because the agency expands regionally throughout Texas and the Southwestern U.S., in response to Gehlbach.

“True North is properly positioned to broaden its platform, and we’re happy to convey further sources to assist the agency proceed its momentum via each natural development and strategic M&A,” HGGC President Neil White stated in a press release. “We stay up for supporting the administration workforce on these and different business-building initiatives within the coming years.”

“We’re assured that this partnership will open up new alternatives for development, creativity, and success,” added Gehlbach.

This isn’t the primary time HGGC and WPCG have teamed as much as purchase a chunk of a quickly rising RIA in assist of inorganic development. At the moment, the funding automobiles each personal stakes in Benefit Monetary, Waverly Advisors and Apella Capital.

WPCG, which debuted in 2017 with investments in EP Wealth Advisors, Forbes Household Belief and MAI Capital Administration, additionally joined forces with Galway Holdings when it purchased a majority of MAI. Since launching, WPCG has supported $33 billion in asset development throughout all portfolio corporations.