Cresset, a $60 billion RIA, has secured a $150 million minority investment from Constellation Wealth Capital, an alternative asset manager specializing in long-term investments in wealth management firms and multi-family offices. Constellation now holds less than a 10% equity stake, with employees and clients retaining majority ownership, ensuring the firm's alignment with client priorities. 

The funds will support Cresset’s efforts to enhance its platform, technology, and talent recruitment initiatives. Karl Heckenberg, president of Constellation, praised Cresset’s commitment to client success and shared their "100-year vision" for sustained growth and innovation.

 Cresset’s co-founder, Avy Stein, described the investment as a strong endorsement of the firm’s business model and growth strategy. He also welcomed the Constellation partnership as a way to further transform how clients experience wealth management.

Finsum: This investment into technology is a reflection of the growing importance of innovation in advisors decision making processes.