A Greenwich-based private equity firm focused on the financial services industry has invested in a wealth management firm headquartered in Charlotte, North Carolina.
BharCap Partners said it has made a strategic investment in GCG Advisory Partners, a wealth management firm that oversees more than $3 billion in assets.
Financial terms were not disclosed, but GCG said its management team rolled over “significant equity” in the deal and continues to lead the firm.
BharCap, which specializes in financial services investments, described the partnership as a way to help GCG capitalize on opportunities in a rapidly evolving and consolidating wealth management industry.
Founded in 1994, GCG said it plans to use the capital infusion to accelerate acquisitions and continue enhancing its product offerings.
“We have spent several years looking for a firm like GCG,” said Ethan Wang, BharCap co-founder and partner. “GCG is a high-quality platform with a proven M&A track record. BharCap’s entrepreneurial-driven culture, growth mindset, and strategic M&A playbook will reinforce GCG’s opportunity to be a leading consolidator in the highly fragmented wealth management industry.”
The wealth management industry has been consolidating for the past decade, but the pace of merger activity has picked up markedly in recent years as smaller firms look to grow or sell their businesses, experts say.
