Financial Services Growth Capital Investments in 2021
Acquisition Volume in Financial Services Growth Capital Investments in 2021 by Year
Last 5 years
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December 27, 2021
- Buyer
- TradeStation Group, Inc., Quantum FinTech Acquisition Corporation
- Target
- TradeStation Group, Inc.
- Industry
- Financial Services
- Location
- Florida, United States
- Type
- Growth capital
TradeStation Group, Inc. filed a registration statement on Form S-4 in connection with its proposed business combination with Quantum FinTech Acquisition Corporation (a SPAC), under which TradeStation would become a public, NYSE-listed company. The transaction was executed via a definitive business combination agreement and is expected to close in the first half of 2022, subject to shareholder and SEC approvals and other customary conditions.
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December 21, 2021
- Buyer
- SS&C Technologies Holdings, Inc., Siris Capital Group, LLC
- Target
- Equiniti, American Stock Transfer & Trust Company (AST)
- Industry
- Financial Services
- Location
- New York, United States
- Type
- Growth capital
SS&C Technologies has made a strategic minority investment in the newly formed company combining Equiniti and American Stock Transfer & Trust Company (AST), a business recently acquired by affiliates of Siris Capital Group. The investment joins SS&C with Siris and other investors to create a leading international provider of shareholder, transfer agent and regulatory technology and to explore commercial and product partnerships across the combined business.
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December 21, 2021
- Buyer
- Two Sigma, Thoma Bravo
- Target
- Figment
- Industry
- Financial Services
- Location
- Ontario, Canada
- Type
- Growth capital
Two Sigma announced an investment in Figment, a crypto staking, middleware, and application-layer provider, to support Figment's continued growth and Web3 ecosystem development. The investment will see Figment work more closely with the Pyth Network to bring enhanced functionality and usability to Pyth HiFi market data.
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December 14, 2021
- Buyer
- Blackstone GP Stakes (funds managed by Blackstone)
- Target
- Nautic Partners LLC
- Industry
- Financial Services
- Location
- Rhode Island, United States
- Type
- Growth capital
Funds managed by Blackstone GP Stakes have acquired a minority ownership interest in Nautic Partners LLC, a Providence-based middle-market private equity firm. The investment creates a strategic partnership intended to provide Nautic with access to Blackstone’s resources as Nautic continues to deploy capital from its newly-closed $3.0 billion fund.
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- Buyer
- Cushman & Wakefield
- Target
- Greystone
- Industry
- Financial Services
- Location
- New York, United States
- Type
- Growth capital
Cushman & Wakefield completed a $500 million strategic investment to acquire a 40% stake in Greystone’s Agency, FHA and Servicing businesses, forming a joint venture to provide integrated advisory and capital solutions. The partnership gives Cushman & Wakefield’s clients greater access to multifamily and healthcare financing products while providing Greystone capital to expand products and services.
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November 12, 2021
- Buyer
- Blackstone GP Stakes
- Target
- Great Hill Partners
- Industry
- Financial Services
- Location
- Massachusetts, United States
- Type
- Growth capital
Funds managed by Blackstone GP Stakes have acquired a minority ownership interest in Boston-based private equity firm Great Hill Partners. The minority investment is intended to support Great Hill’s continued growth and investment strategy; Evercore served as financial advisor to Great Hill while Kirkland & Ellis and Fried Frank served as legal counsel to Great Hill and Blackstone, respectively.
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- Buyer
- Hunter Point Capital
- Target
- MidOcean Partners
- Industry
- Financial Services
- Location
- New York, United States
- Type
- Growth capital
Hunter Point Capital (HPC) has made a strategic, minority growth investment in MidOcean Partners, a New York–based alternative asset manager specializing in middle-market private equity and alternative credit. MidOcean’s management and day-to-day operations will remain unchanged; the partnership is intended to provide strategic capital and expertise to support MidOcean’s long-term growth, including expansion of its credit business.
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October 7, 2021
- Buyer
- Kelso Fund X (Kelso & Company)
- Target
- Savant Wealth Management
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Growth capital
Kelso Fund X (Kelso & Company) completed an investment in Savant Wealth Management on September 30, 2021. Savant, a Rockford, Illinois–headquartered Registered Investment Advisor with 230+ employees and 18 offices, provides fee-based wealth advisory, tax, estate and retirement plan services; the capital is intended to support the firm’s continued growth and expansion of its advisory platform.
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- Buyer
- RidgeLake Partners
- Target
- Gauge Capital
- Industry
- Financial Services
- Location
- Texas, United States
- Type
- Growth capital
RidgeLake Partners has made a strategic minority investment in Gauge Capital, a Southlake, Texas-based middle-market private equity firm. Terms were not disclosed; RidgeLake (a partnership between PA Capital and Ottawa Avenue Private Capital) said the investment will support Gauge's future growth and investment activities with no changes planned to the firm's day-to-day management.
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- Buyer
- Investcorp Strategic Capital Group
- Target
- EagleTree Capital LP
- Industry
- Financial Services
- Location
- New York, United States
- Type
- Growth capital
Affiliates of Investcorp Strategic Capital Group (ISCG) have made a strategic minority equity investment in EagleTree Capital LP. Terms were not disclosed; ISCG will be a passive, non-voting partner and EagleTree’s team and operations will remain unchanged as the capital is intended to strengthen EagleTree’s investment platform and accelerate growth.
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- Buyer
- Onex Partners V (Onex Corporation and certain co-investors), TA Associates
- Target
- Wealth Enhancement Group
- Industry
- Financial Services
- Location
- Minnesota, United States
- Type
- Growth capital
Onex Partners V, together with certain co-investors including Onex Corporation, completed an equity investment in Wealth Enhancement Group (WEG), joining existing investor TA Associates as equal capital partners. The transaction (Onex's share ~US$250 million) will support WEG's next stage of organic growth and M&A expansion while the firm remains privately held under its existing management team.
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September 21, 2021
- Buyer
- An affiliate of Peak Rock Capital LLC
- Target
- Delta Financial Group
- Industry
- Financial Services
- Location
- Florida, United States
- Type
- Growth capital
Delta Financial Group, an equipment finance platform headquartered in Clearwater, Florida, received a significant structured growth investment from an affiliate of Peak Rock Capital to scale its enterprise-focused equipment leasing and asset management business. The capital will support Delta's institutional approach to the equipment finance market and accelerate product, team, and platform growth to serve mission-critical equipment needs across multiple end markets.
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September 14, 2021
- Buyer
- Clarion Capital Partners
- Target
- OpenRoad Lending
- Industry
- Financial Services
- Location
- Texas, United States
- Type
- Growth capital
Clarion Capital Partners completed a strategic growth investment in OpenRoad Lending, a Fort Worth-based direct-to-consumer auto refinance lender, with OpenRoad’s founders remaining in leadership and retaining meaningful ownership. The capital will be used to expand OpenRoad’s product offerings (including potential auto purchase lending and insurance), broaden marketing channels, and support organic and acquisitive growth; financing for the deal was provided by funds managed by Madison Capital Funding and PennantPark Investment Advisers.
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September 1, 2021
- Buyer
- Lee Equity Partners
- Target
- Pure Financial Advisors
- Industry
- Financial Services
- Location
- California, United States
- Type
- Growth capital
Funds managed by Lee Equity Partners will acquire a minority stake in Pure Financial Advisors, a San Diego-based Registered Investment Advisor with roughly $3.6 billion in AUM. Management and existing investor Emigrant Partners will remain significant shareholders; the capital will be used to hire more CFPs, invest in IT and marketing, and pursue strategic acquisitions to scale the business. Financial terms were not disclosed; the transaction was expected to close in Q3 2021.
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August 10, 2021
- Buyer
- Long Ridge Equity Partners, CBC Companies
- Target
- SoftWorks AI
- Industry
- Financial Services
- Location
- New York, United States
- Type
- Growth capital
SoftWorks AI, provider of the Trapeze mortgage document-processing and intelligent automation platform, closed a minority growth round led by Long Ridge Equity Partners with participation from CBC Companies. The investment will fund product and technology expansion to accelerate adoption across the mortgage lifecycle and other document-intensive segments of financial services.
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- Buyer
- New Mountain Capital, New Mountain Strategic Equity I, L.P.
- Target
- Homrich Berg
- Industry
- Financial Services
- Location
- Georgia, United States
- Type
- Growth capital
New Mountain Capital (via New Mountain Strategic Equity I, L.P.) has made a minority growth investment in Atlanta-based wealth management firm Homrich Berg to support ownership succession and accelerate the firm's growth and capability expansion. Homrich Berg’s founders and current owners retain majority ownership and will continue to operate the independent, fee-only RIA focused on high-net-worth individuals, families and institutions.
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July 22, 2021
- Buyer
- Blackstone (GP Stakes), RidgeLake Partners
- Target
- Sentinel Capital Partners
- Industry
- Financial Services
- Location
- New York, United States
- Type
- Growth capital
Blackstone’s GP Stakes business and RidgeLake Partners have made a minority equity investment in Sentinel Capital Partners, providing primary growth capital and strategic partnership support. The investment gives Sentinel access to Blackstone’s platform services (including group purchasing, sustainability, ESG and cybersecurity) and RidgeLake’s dealflow and industry expertise to support Sentinel’s midmarket private equity activities.
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July 21, 2021
- Buyer
- Pamlico Capital, Kurt Reisenberg
- Target
- Aite-Novarica Group
- Industry
- Financial Services
- Location
- Massachusetts, United States
- Type
- Growth capital
Pamlico Capital has made a growth investment in Aite-Novarica Group (ANG), the combined subscription research and advisory business formed from Aite Group and Novarica. As part of the partnership, executive Kurt Reisenberg will lead the combined company as CEO and ANG will use the capital to scale the platform and pursue complementary add-on acquisitions.
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- Buyer
- The Carlyle Group, Mubadala Investment Company
- Target
- Apex Group Ltd.
- Industry
- Financial Services
- Location
- Bermuda
- Type
- Growth capital
Apex Group Ltd. secured minority equity investments from The Carlyle Group and Mubadala Investment Company alongside founder Peter Hughes and existing investors Genstar Capital and TA Associates. The capital supports Apex's continued organic growth and integration of recent acquisitions as it expands its global fund and asset servicing platform; financial terms were not disclosed.
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- Buyer
- Bain Capital
- Target
- Carson Group
- Seller
- Long Ridge Equity Partners
- Industry
- Financial Services
- Location
- Nebraska, United States
- Type
- Growth capital
Bain Capital made a strategic growth investment in Carson Group on July 14, 2021, valuing the Omaha-based wealth management technology and services firm at over $1 billion. The transaction included the purchase of equity interests from Long Ridge Equity Partners and provides Carson Group with additional growth capital to support M&A, technology development, and client experience enhancements while founder Ron Carson remains majority owner.
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- Buyer
- Bullish, Far Peak Acquisition Corporation (FPAC), Far Peak LLC
- Target
- Bullish, Far Peak Acquisition Corporation (FPAC)
- Industry
- Financial Services
- Location
- Cayman Islands
- Type
- Growth capital
Bullish, a technology company building financial services for the digital assets sector, announced its intention to go public on the New York Stock Exchange through a business combination/merger with Far Peak Acquisition Corporation (NYSE: FPAC), a SPAC. The deal is expected to close by the end of 2021 and includes about US$600 million of net cash in trust and US$300 million of committed PIPE anchored by EFM Asset Management.
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June 25, 2021
- Buyer
- XP Inc.
- Target
- Jive Investments
- Industry
- Financial Services
- Location
- Brazil
- Type
- Growth capital
XP Inc. (Nasdaq: XP) signed to acquire a minority stake in Jive Investments, an independent alternative investment manager in Brazil focused on credit recovery, real estate and other distressed-asset strategies. The partnership is intended to accelerate Jive’s growth and expand XP’s ecosystem of independent asset managers, with closing subject to Cade approval.
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- Buyer
- TA Associates, Genstar Capital, Peter Hughes
- Target
- Apex Group Ltd.
- Industry
- Financial Services
- Location
- Bermuda
- Type
- Growth capital
TA Associates announced a significant minority growth investment in global financial services provider Apex Group Ltd., alongside existing majority owner Genstar Capital and founder Peter Hughes. The capital will support Apex's continued global expansion and capability-building across fund services, digital banking, custody/depositary and tech-enabled offerings; Apex operates ~47 offices with ~4,500 employees.
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June 8, 2021
- Buyer
- LLR Partners
- Target
- Archer
- Industry
- Financial Services
- Location
- Pennsylvania, United States
- Type
- Growth capital
LLR Partners has made a growth investment in Archer, a Berwyn, Pennsylvania-based technology-enabled provider of middle- and back-office services to investment managers. The capital will be used to accelerate Archer’s growth and to invest in its cloud-based technology and outsourced services platform; Raymond James served as financial advisor to Archer on the transaction.
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- Buyer
- EQT Growth, EQT AB (invested via balance sheet)
- Target
- Bought By Many Ltd (Many Group Ltd / ManyPets)
- Industry
- Financial Services
- Location
- England, United Kingdom
- Type
- Growth capital
EQT Growth (via EQT AB's balance sheet) has invested in Bought By Many (Many Group Ltd), a digital-first pet insurance provider, as part of the company’s $350 million Series D round that values the business at over $2 billion pre-money. The growth investment will support Bought By Many’s international expansion (UK, Sweden, US) and continued product innovation; Carolina Brochado from EQT Growth will join the company's board.
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- Buyer
- Marlin Equity Partners
- Target
- iBanFirst SA
- Industry
- Financial Services
- Location
- Belgium
- Type
- Growth capital
Marlin Equity Partners has signed a definitive agreement to complete a growth equity investment in iBanFirst SA, a Belgium-headquartered, cloud-based B2B FX and cross-border payments platform. The investment will support iBanFirst's international expansion and product development; the transaction remains subject to regulatory clearances and customary closing conditions.
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May 10, 2021
- Buyer
- Capital A Investment Partners
- Target
- Domek
- Industry
- Financial Services
- Location
- North Brabant, Netherlands
- Type
- Growth capital
Amsterdam-based investor Capital A has acquired a minority stake in Domek, the 's-Hertogenbosch-based financial intermediary that serves non-native residents in the Netherlands and Belgium. The investment will support Domek's national and international growth strategy—including planned expansion into Germany—and enable both organic and acquisitive growth.
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April 22, 2021
- Buyer
- Goldman Sachs Asset Management (Petershill program)
- Target
- Incline Equity Partners
- Industry
- Financial Services
- Location
- Pennsylvania, United States
- Type
- Growth capital
Goldman Sachs Asset Management’s Petershill program made a passive, minority growth investment in Pittsburgh-based private equity firm Incline Equity Partners. Terms were not disclosed; Incline said it will use the capital to accelerate the evolution and growth of its platform focused on middle-market manufacturing, distribution and business services investments.
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April 9, 2021
- Buyer
- Corbel Capital Partners, FXFY LLC (Forexify)
- Target
- Advanced Markets Holdings, LLC
- Seller
- Macquarie Group, GFI Group LLC (BGC Partners subsidiary)
- Industry
- Financial Services
- Location
- North Carolina, United States
- Type
- Growth capital
Corbel Capital Partners and FXFY (Forexify) closed a structured growth investment into Advanced Markets Holdings, LLC, joining existing shareholders Macquarie Group and GFI Group LLC, which reduced their stakes to accommodate the new investors. Advanced Markets, headquartered in Charlotte, North Carolina, is a prime-of-prime broker providing technology access, trade execution and prime brokerage solutions (including spot FX and CFDs) to banks, hedge funds and other institutional clients worldwide.
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March 23, 2021
- Buyer
- FTV Capital
- Target
- Vórtx
- Industry
- Financial Services
- Location
- São Paulo, Brazil
- Type
- Growth capital
FTV Capital led a $35 million Series B growth equity investment in Vórtx, a Brazil-based tech-enabled corporate and trust services provider for fund managers and corporate issuers. The capital will be used to accelerate Vórtx's technology enhancements and expand its market presence in the financial back-office and fund administration market in Brazil.
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March 9, 2021
- Buyer
- Preservation Capital Partners
- Target
- Parmenion
- Seller
- Standard Life Aberdeen
- Industry
- Financial Services
- Location
- England, United Kingdom
- Type
- Growth capital
Preservation Capital Partners has made a growth investment in Parmenion, a UK-based provider of adviser platform technology, custody and discretionary fund management services. The deal supports Parmenion’s management team to scale the business into a national champion; the company manages roughly £8.0bn of assets and serves thousands of advisers and tens of thousands of savers. Standard Life Aberdeen is referenced as the party being advised in the transaction.
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March 7, 2021
- Buyer
- TA Associates
- Target
- BetaShares
- Seller
- Mirae Asset Financial Group, Other minority investors
- Industry
- Financial Services
- Location
- New South Wales, Australia
- Type
- Growth capital
TA Associates, a global growth private equity firm, has made a strategic investment in Australian ETF manager BetaShares, acquiring shares held by Mirae Asset Financial Group and other minority investors. The capital will support BetaShares' next phase of growth—expanding product depth, accelerating geographic expansion and pursuing strategic acquisitions.
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- Buyer
- Goldman Sachs Asset Management (Petershill program)
- Target
- Arlington Capital Partners
- Industry
- Financial Services
- Location
- District of Columbia, United States
- Type
- Growth capital
Goldman Sachs Asset Management’s Petershill program has made a passive, non‑voting minority equity investment in Arlington Capital Partners to create a strategic relationship and support Arlington’s growth. The investment will not affect Arlington’s day-to-day management and is intended to accelerate the firm’s growth by expanding its LP base and strengthening its organization and infrastructure; Evercore and law firms served as advisors.
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January 18, 2021
- Buyer
- Altamont Capital Partners, MidCap Financial
- Target
- Kinetic Advantage
- Industry
- Financial Services
- Location
- Indiana, United States
- Type
- Growth capital
Altamont Capital Partners has invested in newly formed auto floorplan lender Kinetic Advantage to support the company's national rollout and loan growth. Kinetic, led by industry veterans including CEO Marty McFarland, has launched in 21 markets and secured more than $225 million of initial debt and equity financing; MidCap Financial provided financing for the transaction. Terms were not disclosed.
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- Buyer
- Eldridge, Atlas Merchant Capital
- Target
- DPL Financial Partners
- Industry
- Financial Services
- Location
- Kentucky, United States
- Type
- Growth capital
DPL Financial Partners received a $26 million combined equity investment from existing investor Eldridge and new backer Atlas Merchant Capital. The growth capital will be used to develop technology and infrastructure to support DPL's network of more than 10,000 advisors; representatives from both investors will join a newly formed board.
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- Buyer
- Capital Constellation, Wafra Inc.
- Target
- Avista Capital Partners
- Industry
- Financial Services
- Location
- New York, United States
- Type
- Growth capital
Capital Constellation, a group of institutional investors managed by Wafra Inc., acquired a minority ownership interest in New York-based private equity firm Avista Capital Partners. The strategic investment provides Avista with growth capital to expand its healthcare-focused investment platform and increase commitments to its funds; Houlihan Lokey and Kirkland & Ellis served as advisors on the transaction.
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- Buyer
- Aquiline Capital Partners
- Target
- SageView Advisory Group
- Industry
- Financial Services
- Location
- California, United States
- Type
- Growth capital
Aquiline Capital Partners has made a strategic growth investment in SageView Advisory Group, a Newport Beach–based registered investment advisor focused on retirement plan consulting and wealth management. SageView founders Randy Long and Jon Upham retain a significant equity stake and will continue to lead the firm; the capital will be used to accelerate growth in institutional retirement and wealth management and expand financial wellness offerings.
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