PALM BEACH, Fla. & PALO ALTO, Calif. & DALLAS--(BUSINESS WIRE)--True North Advisors, LLC (“True North”), a Texas-based registered investment adviser (“RIA”), today announced it has entered into a strategic partnership with Wealth Partners Capital Group (“WPCG”), a financial services holding company, and HGGC, a firm focused on partnership investing. WPCG and HGGC have made a minority equity investment in True North to help accelerate True North’s growth via targeted acquisitions. The management team of True North remain majority shareholders and will continue to control the decision-making and operations of the firm.
Founded in 2000 by Scott Wood and Mark Gehlbach, True North is one of the fastest growing RIAs in Texas1 and one of the top 150 RIAs in the country2. Headquartered in Dallas with an additional office in Fort Worth, the firm serves significant business owners, entrepreneurs, and families with wealth planning, investment management and business transaction planning solutions. In addition, True North oversees a growing, turnkey alternative investment platform, Western Alternative Strategies, that offers exclusive access to institutional-quality private investments. The firm manages over $3.3 billion in assets under management.
True North’s partnership with WPCG and HGGC will allow the firm to remain focused on serving its clients while expanding its presence in Texas and the Southwest, where True North’s leadership and brand is well established and highly regarded.
“We are confident that this partnership will open up new opportunities for growth, creativity, and success,” said Mark Gehlbach, President and Co-founder of True North. “WPCG’s expertise in identifying strategic opportunities will undoubtedly enrich the depth and breadth of our core offerings, providing our clients with even more comprehensive solutions,” added Scott Wood, CEO and Co-founder of True North.
“With a deep and experienced management team, strong regional brand and a unique approach to planning and investments, True North is poised to become the leading wealth management firm in the Southwest,” said John Copeland, Managing Partner of WPCG. “We are excited to partner with Scott, Mark and the entire True North team in growing the firm and attracting the highest level of advisory talent.”
“True North is well positioned to expand its platform, and we are pleased to bring additional resources to help the firm continue its momentum through both organic growth and strategic M&A,” said Neil White, President of HGGC. “We look forward to supporting the management team on these and other business-building initiatives in the coming years.” HGGC will invest in True North via Aspire Holdings, a holding company dedicated to investing in the wealth management space.
The partnership closed January 22, 2024. Financial and legal terms of the transaction will not be disclosed. Colchester Partners LLC served as the financial advisor to True North. Alston & Bird and Kirkland & Ellis LLP served as legal counsel to True North and the new investor group, respectively.
About True North Advisors
True North Advisors is a privately-owned Multi-Family Office serving families, business owners and entrepreneurs with the highest level of service since 2000. The firm’s mission is Fulfilling Lives™, and it delivers on this promise by providing integrated wealth planning, investment, and alternative solutions that create multi-generational portfolio longevity. The firm has over $3.3B in assets under management (as of 12/31/23), and has been recognized by Forbes / SHOOK Research as one of the 2023 Top 150 RIAs in America, recognized throughout North Texas as the #1 Best Place to Work in the Medium Sized Business Category by Dallas Business Journal, consecutively honored as a Top Wealth Management Firm and Best Financial Planner by D Magazine, and ranked as one of the Fastest Growing Middle Market 50 Businesses in Dallas. For more information, please visit www.truenorthadvisors.com.
About Wealth Partners Capital Group
Wealth Partners Capital Group (“WPCG”) is a financial services holding company, which invests in and partners with select leading wealth management firms. WPCG assists its partner firms by identifying and integrating like-minded wealth advisers who seek access to expanded business capabilities, strategic growth and/or customized transition solutions. For more information, please visit www.wealthpcg.com.
About HGGC
HGGC is a leading middle-market investment firm based in Palo Alto, Calif. with over $6.9 billion in cumulative capital commitments. HGGC is focused on partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. HGGC makes investments in RIAs via its Aspire Holdings platform, which is targeting $300 million of total investment in the space. More information is available at hggc.com.
Additional Disclosures
1Dallas Business Journal Middle Market 50: Neither the companies nor their employees pay a fee to Dallas Business Journal in exchange for inclusion of this list.
2Forbes / SHOOK Research, Americas Top 150 RIAs: Neither the companies nor their employees pay a fee to Forbes / SHOOK Research in exchange for inclusion of this list.
For full disclosure details regarding aforementioned awards, please visit www.truenorthadvisors.com/general-awards-disclosures/.
