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HomeWealth ManagementOak Hill Capital Buys Out Stone Level’s Stake in Kestra

Oak Hill Capital Buys Out Stone Level’s Stake in Kestra


Non-public fairness investor Oak Hill Capital is taking on a minority stake in wealth administration platform Kestra Holdings, beforehand held by personal fairness agency Stone Level Capital, in line with an announcement Friday.

Stone Level took a majority place in 2016 and bought most of it three years later to Warburg Pincus, which can stay majority proprietor. Phrases of the deal weren’t disclosed.

“The longstanding relationship with Warburg Pincus, and the addition of Oak Hill Capital, permits us to proceed to scale our platform, spend money on our staff and convey new capabilities to monetary professionals and the purchasers they serve,” Kestra CEO James Poer stated in a press release, crediting Stone Level for aiding the platform’s development during the last six years.

Based in 1997, Kestra firms, which embrace a belief firm, RIAs, dealer/sellers and funding companies, at present oversee $122 billion in belongings underneath administration by means of greater than 2,400 monetary professionals nationwide. Kestra’s acquisitive arm, Bluespring Wealth Companions, has onboarded 26 wealth administration companies since launching in 2019 and introduced in Constancy Institutional’s David Canter to steer the agency earlier this 12 months.

In 2022 alone, Kestra Monetary and Kestra Non-public Wealth Providers have added greater than 50 monetary professionals and greater than $4 billion in new belongings. The corporate additionally launched Kestra Funding Administration to supply portfolio administration companies by means of its varied firms.

“James and his staff have constructed a terrific enterprise within the wealth ecosystem with a compelling worth proposition,” stated Nico Theofanidis, a principal at Oak Hill, which entered the unbiased wealth administration house in 2019 when it took a stake in Mercer Advisors.

In 2020, Oak Hill established Galway Insurance coverage Holdings with personal fairness agency The Carlyle Group, which now has a majority curiosity in MAI Capital Administration, a Cleveland-based RIA aggregator with greater than $14 billion in consumer belongings.

 “We’re excited to associate with each Kestra and Warburg and sit up for serving to the platform speed up,” stated Theofanidis.

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