RIA custodian Altruist has picked up $152 million in funding led by the global investment firm GIC. Other firms who were part of the funding include Salesforce Ventures, Geodesic Capital, Baillie Gifford and Carson Family Office.
The latest funding round values Altruist at about $1.9 billion.
“These partners understand the rare opportunity in front of Altruist and, most importantly, realize the value we strive to create for the firms and clients on our platform,” according to Jason Wenk, Altruist's founder and CEO.
Four years ago, Bill McNabb, the former Vanguard chair and CEO, and Ron Carson, then the Carson Group chair and CEO, who now uses the name Omani Carson, invested in the firm.
The custodian now works with about 4,700 advisors and says it has tripled its assets under management for the past two years. In 2024, the average asset size of its clients increased 43% from 2024 as more and larger RIAs signed on.
“Altruist’s track record of building best-in-class, innovative products has positioned them to serve a large and growing market, bringing modern infrastructure to advisors who have long been underserved,” said Choo Yong Cheen, chief investment officer of private equity at GIC, which manages Singapore’s foreign reserves.
Earlier this year, Altruist appointed Rich Rao as its chief business officer and Sumanth Sukumar as its chief technology officer. Also, the firm grew its market share over the past year to 6.25% from 2.85%, according to the 2025 T3 Software Survey.
According to Arvind Ayyala, partner at Geodesic Capital, the firm’s unified platform “eliminates the data reconciliation nightmares plaguing RIAs while delivering a seamless digital experience that reduces labor costs by 40% to 60%. … They're not just improving the status quo — they're completely reimagining an age-old industry that has resigned itself to incumbent offerings."
Pictured: Jason Wenk. Courtesy photo
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