Cresset invests in True Capital Management

Cresset Capital has made an investment in True Capital Management, a wealth and business management firm. No financial terms were disclosed. MHB Advisers served as investment banking advisor to True Capital Management while Paul Hastings provided legal counsel. And, Miller Canfield acted as legal counsel to Cresset.

PRESS RELEASE

SAN FRANCISCO–(BUSINESS WIRE)–True Capital Management (“TRUE”), a leading wealth and business management firm serving the complex needs of professional athletes and other sudden wealth clients, announced today the closing of a strategic minority investment from an affiliate of Cresset Capital (“Cresset”). Cresset will support TRUE’s growth strategy, and the two firms will collaborate on investment opportunities. TRUE CEO Doug Raetz and COO & President Heather Goodman, as well as other key employees, will retain majority ownership of TRUE and direct all of the firm’s operations.

TRUE currently manages more than $1.2 billion of client assets on behalf of more than 200 households, with notable clients including Albert Pujols, Marshawn Lynch, Deandre Ayton, Diana Taurasi and Luka Doncic. Through its partnership with Cresset, TRUE plans to expand its suite of services and investment opportunities delivered to clients.

Cresset is a multi-family-office platform with offices in Chicago, San Francisco, Seattle, Denver, Minneapolis and West Palm Beach. As TRUE continues to execute on a broad array of organic and targeted growth initiatives, it will be able to leverage Cresset’s acquisition experience and access to capital, as well as Cresset’s scale and national footprint, for the benefit of its clients. Cresset is known for its sophisticated family office services, deep expertise in goals-based financial planning, investment management, and focus on sourcing and providing direct access to private equity, real estate and other alternative investments. The investment in TRUE will strengthen its sudden wealth management capabilities and ability to serve clients in this segment of the market. Clients of both TRUE and Cresset will also gain access to a wider variety of private market investment opportunities.

“As the original investor in TRUE, Doug and Heather shared SC Investment Consulting’s vision for entrepreneurialism, financial literacy and capital preservation for professional athletes. We have had an incredible partnership for the past 12 years. We are excited for them to enter the next chapter of TRUE, and we will continue to support their business and mission,” said Ronnie Lott, founder of SC Investment Consulting.

“Since we started TRUE in 2007, our priority has been to build relationships with our clients based on transparency, trust and coaching as they navigate the rare opportunities and unique challenges that come with sudden wealth,” Raetz said. “We believe that helping families do things right from the start, when they get the chance, changes not only the family itself – for generations – but can change whole communities.”

“By helping to grow new wealth, we can help level the playing field, which we know adds up to real, important change – one family at a time,” Goodman added. “As we evaluated a potential relationship with Cresset, it became clear to us that Cresset Co-Founders Avy Stein and Eric Becker and their team share our goals and values. We are excited to work with them to discover new ways to create and deliver great success stories for our clients.”

“When we first met Heather and Doug, we found kindred spirits in terms of how we believe clients should be treated and the positive impact wealth can have,” said Avy Stein, Cresset Co-Founder and Co-Chairman. “Our mutual dedication to providing access to a full suite of sophisticated family office services and private investment opportunities, coupled with TRUE’s leadership and additional expertise in serving sudden wealth clients, makes this an ideal partnership.”

Cresset’s growth initiatives focus on organic investments in its core markets, along with targeted complementary partnerships with other independent RIAs through both Cresset Asset Management, an SEC registered investment advisor, and Cresset Partners, Cresset’s private investing group, which is also an SEC registered investment advisor.

“All of us at Cresset and our investors are excited about our partnership with TRUE and look forward to what we can accomplish together,” said Chris Boehm, Managing Partner of Cresset Partners, who leads Cresset’s investments in the RIA sector. “Cresset continues to explore aligning with firms like TRUE that reflect and embrace our innovative vision, client-centric culture and commitment to long-term growth.”

MHB Advisers served as exclusive investment banking advisor, and Paul Hastings served as legal counsel to TRUE on this transaction. Miller Canfield acted as legal counsel to Cresset.

About True Capital Management
True Capital Management specializes in serving sudden wealth clients. Founders Heather Goodman and Doug Raetz recognized that the specific needs of professional athletes, as well as lottery winners, entertainers, entrepreneurs and inheritors, were unmet by traditional wealth management offerings. TRUE aspires to create a dynamic, differentiated and modern approach to financial management for the sudden wealth market. With a comprehensive open architecture platform ranging from private banking, estate planning and insurance to investment management and access to private real estate, venture capital and private equity opportunities, TRUE coaches its clients to financial success, transforming their wealth and that of their families for generations. Learn more at https://truecapitalmgmt.com/.

About Cresset
Private equity entrepreneurs Eric Becker and Avy Stein founded Cresset with a vision to reinvent wealth management and with a firm belief that clients deserve better. Cresset offers individuals and families access to a comprehensive suite of family office services, deeply personalized wealth management, investment advisory, planning and other services through Cresset Asset Management, an SEC registered investment advisor that currently manages approximately $6.7 billion in assets. Cresset Partners, Cresset’s private investing group and an SEC registered investment advisor, offers clients direct access to private equity, real estate and other private investment opportunities. Alongside Diversified Real Estate Capital, which was founded and is led by Larry Levy, Cresset Partners launched the Cresset-Diversified QOZ Fund, which invests in Qualified Opportunity Zones and creates potential for risk-adjusted, tax-advantaged returns. Learn more at https://cressetcapital.com/.