The Opportunity

At the time of our investment in December 2019, Pathstone was a growing but regionally concentrated multi-family office managing approximately $15 billion in assets under advisement, seeking a partner that could help achieve the national scale its leadership team thought necessary to compete at the highest levels of the UHNW market.

• Market Trends: We identified the firm at the intersection of rapid RIA channel growth, increasing UHNW client complexity, and significant fragmentation across the multi-family office market.

• Differentiated Sourcing: We differentiated ourselves from other potential partners through our sector experience, growth orientation, and partnership-first approach, aligning with management on the longer-term potential of the business as a destination platform.

Key Company Highlights

• Strong Market Position

• Full-Service Capabilities

• Limited Market Exposure

• Scalable IT Platform

• Repeatable M&A Playbook in Significantly Fragmented Market

• Robust Financial Performance

• Strong Management Team

Value Creation & Outcomes

• Talent Alignment & Leadership Build: We partnered with the management team to build an enhanced employee ownership model, adding sixteen employees as new shareholders at close and bringing total employee ownership to forty-eight of one hundred and ten employees, aligning incentives and strengthening talent retention and recruitment. Concurrently, we partnered with leadership to build executive capacity for rapid growth by hiring a Chief Financial Officer, Chief Operating Officer, Chief Product Officer, Chief Marketing Officer, and Director of M&A to support the firm's scaling trajectory.

• Platform Scale & M&A Execution: We enabled a disciplined, high-velocity acquisition strategy spanning 12 transactions during our ownership by driving transaction processes forward while Pathstone's leadership remained focused on client service and technology development. The firm scaled from approximately $15B in assets under advisement at entry to approximately $160B (including approximately $100B in assets under management), launched 5+ new services, and grew its employee base by over 600% to date during our ownership.

• Technology Investment & Differentiation: We supported the development of a proprietary reporting system that enhanced operational transparency, internal controls, and client experience, complementing the existing.

• Industry Recognition & Market Position: Pathstone ranked #2 on Forbes' Top RIA Firms list in both 2023 and 2024, #8 on Financial Advisor Magazine's 2025 Top RIA list, and received multiple honors at the 2025 Family Wealth Report Awards.