Growth equity house General Atlantic has bought into wealth management firm Creative Planning by picking up a strategic minority stake.
Creative Planning aims to provide comprehensive, financial planning-led wealth management solutions, including retirement planning, estate planning, trust services, tax advice and family office services, for individuals and institutions.
CEO Peter Mallouk has taken the company from less than $100m of assets under management in 2004 to about $50bn today, having expanded the business to 27 offices and 650 employees across all 50 US states.
General Atlantic managing director and co-head Paul Stamas said, “Peter is a visionary founder who has built a leading wealth management firm alongside his team at Creative Planning.
“We strongly believe that Creative Planning stands well-positioned as an industry leader to capture the significant opportunity that exists in the registered investment advisor space, and we are energized to be partnering with the company as it continues its expansion.”
Kirkland & Ellis served as legal counsel to Creative Planning. Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel to General Atlantic. Ardea Partners served as financial advisor, and the financial terms of the deal were not disclosed.
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