Caprock adds $4bn in assets with Venturi Private Wealth buy
Caprock has acquired Venturi Private Wealth, an independent wealth management firm based in Austin, Texas.
Venturi was established in 2015 and serves entrepreneurs, corporate executives and multigenerational families in Austin and Oklahoma City.
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The company manages roughly $4bn in assets.
More recently, it has taken on a wider range of work for families whose requirements extend beyond investment management, including family governance, wealth education, advanced planning and CFO services.
The deal adds about 30 employees to Caprock, among them 10 advisers.
It also increases Caprock’s presence in Austin and gives the firm an entry into Oklahoma City.
After the transaction closes, Venturi’s clients will remain with their current advisers and will also be able to use Caprock’s family office resources, and a wider investment offering, said the buyer.
Venturi co-founder and CEO Russ Norwood said: “Like Caprock, we’ve always believed that wealth management is about much more than managing investments.
“As we considered the next chapter for our firm, it was important to find a partner that would strengthen what we do for our clients. Caprock brings broader investment capabilities, deeper family office resources and the scale to support clients as their needs continue to evolve, while preserving the culture, independence and client focus that have always defined Venturi.”
Once the deal is completed, Venturi will adopt the Caprock name and platform.
Norwood and Joey Sager, head of Venturi’s Oklahoma City office, will take on managing director roles at Caprock.
The combined business will continue to focus on ultra-high-net-worth families as an independent, fee-only fiduciary firm.
Caprock co-CEO Bill Gilbert said: “At Caprock, growth has never been about getting bigger for the sake of getting bigger.
“We look for firms that put clients first, share our values and make the overall experience for our clients stronger. Venturi has built a talented team and a strong presence in important growth markets for our firm. Our focus is on bringing the teams together thoughtfully and building on those strengths.”
