GeoWealth, a proprietary technology and turnkey asset management platform, said Monday that it has raised a $38 million Series C funding round led by Apollo. The two firms have formed a strategic partnership to expand access to customizable public-private model portfolios for registered investment advisors.
The previously announced $18 million investment from BlackRock, J.P. Morgan Asset Management and Kayne Anderson Capital Advisors (sub-advised by Composition Capital) is included in the Series C funding total.
“With Apollo joining as a strategic investor and partner, we’re accelerating our commitment to building unified public-private model portfolios and supporting advisors with the flexible technology, investment choice and resources they need to deliver customized solutions,” said Colin Falls, CEO of GeoWealth, in a statement. “Advisors are seeking turnkey access to private markets, and our tech-enabled implementation platform will allow them to run a models-based practice with the flexibility and breadth to meet complex client needs.”
With the capital infusion, GeoWealth plans to "expand its public-private model capabilities, investing in product development and human capital to help advisors meet growing client demand for a broader range of asset types in a UMA," the statment said. "The funding will primarily accelerate innovation in GeoWealth’s UMA capabilities, while also strengthening the core technology foundation for its next phase of growth."
As part of the use of proceeds in this round, GeoWealth has also completed the acquisition of the TAMP assets from Freedom Advisors.
"The strategic partnership between GeoWealth and Apollo will combine GeoWealth’s unified managed account (UMA) technology, powered by its proprietary portfolio management software, with Apollo’s private markets building blocks to help clients construct more efficient and robust multi-asset portfolios," the firms said in a statement.
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