Golden Gate recaps wealth management firm Parallel Advisors

In connection with the investment, Parallel has acquired Scottsdale, Arizona-based asset manager AUTUS.

  • Founded in 2006, Parallel manages approximately $4.8 billion in assets under management for high-net-worth individuals and pension/profit sharing plans
  • Emigrant Partners has exited both Parallel and AUTUS
  • Republic Capital Group, LLC served as financial advisor to Parallel, AUTUS and Emigrant

Golden Gate Capital has recapitalized Parallel Advisors, a wealth management firm. No financial terms were disclosed.

Founded in 2006, Parallel manages approximately $4.8 billion in assets under management for high-net-worth individuals and pension/profit sharing plans.

In connection with the investment, Parallel has acquired Scottsdale, Arizona-based asset manager AUTUS. Emigrant Partners has exited both Parallel and AUTUS.

On the deal, Dan Haspel, a managing director at Golden Gate Capital, said in a statement, “Parallel has demonstrated an impressive trajectory of both organic and inorganic growth, underscored by a holistic platform approach and full array of wealth services offerings. We believe the firm is well-positioned to continue this momentum through the execution of its strategic plan, which includes a significant increase in organic growth as well as further M&A activity, and are thrilled to support C.J. and the rest of the Parallel management team on these initiatives in the coming years.”

Republic Capital Group LLC served as financial advisor to Parallel, AUTUS and Emigrant. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to Golden Gate Capital. Alston & Bird LLP served as legal advisor to Parallel. RiezmanBerger, P.C. served as legal advisor to AUTUS.

Based in San Francisco, Golden Gate Capital has over $19 billion in cumulative committed capital.

Emigrant Bank is owned and operated by the Milstein family.