Caprock Makes 2nd Acquisition with $4B Venturi Private Wealth
Caprock, a Boise, Idaho-based $16 billion multi-family office registered investment advisor, announced Tuesday that it had acquired Venturi Private Wealth, an Austin-based wealth manager with about $4 billion in assets under management.
The transaction brings approximately 30 employees to Caprock, including 10 advisors, and expands the firm’s footprint in Austin and Oklahoma City, where Venturi has a presence.
Founded in 2015, Venturi serves entrepreneurs, executives and multigenerational families through a fiduciary, planning-oriented approach. Co-founder and CEO Russ Norwood said the firm started reviewing a strategic growth plan for about 18 months before deciding to join Caprock.
“As a high-growth firm in one of the best geographies in the country, we have always had a lot of interest from firms that want to expand in our region,” Norwood said. “Most are not a good fit for the specific focus of our clientele. This was different with Caprock. Our No. 1 priority was that, if we joined another firm, it had to be a no-excuses solution for our clients.”
The firm, which will operate under the Caprock name, was owned by its employees, with Norwood holding the largest stake of between 25% to 50%, according to its most recent Form ADV. The firm was 95% custodied with Fidelity, and will remain so with Caprock, Norwood said.
Norwood and Joey Sager, who leads Venturi’s Oklahoma City office, will become managing directors at Caprock.
Norwood said one of the reasons Venturi joined Caprock was to have “an opportunity to help grow the firm and have a voice and an impact.”
Other reasons included: “Scale of the platform and infrastructure. Complementary services where we believe we can help drive value. Strong leadership and a focus on the type of clientele that we serve. A strong commitment to alternative investments and family office services.”
The move is only Caprock’s second acquisition to date and follows a $2.2 billion deal for Grey Street Capital in 2024. Last year, Caprock hired Frank Giuliano from LPL Financial to head its acquisition and recruiting.
