Wealth management firm Hightower announced today that investor Thomas H. Lee Partners has closed a secondary transaction with the firm. The latest commitment provides new capital to help “optimize Hightower’s value-creation potential and growth strategy,” according to the firms.
THL, a private equity investment firm, originally invested in Hightower in 2018 with a $100 million stake. The firm will continue to be the lead investor in a new vehicle dedicated to Hightower that includes investments from funds advised by Goldman Sachs, Neuberger Berman and Coller Capital.
Hightower CEO Bob Oros, who noted that THL has “validated” Hightower’s business strategy with this latest investment, said in a statement that the firm was “honored to have so many top-tier investors bringing fresh capital to support the expansion of our wealth management service organization and advisor business for many years to come.”
THL Managing Director Ganesh Rao said in a statement that “Hightower’s innovation and leadership have changed the way advisors and clients view the financial advice industry.”