Caprock Makes 2nd Acquisition with $4B Venturi Private Wealth
Caprock, Boise, Idaho-based $16 billion Multifamily office registered investment advisorIt announced Tuesday that it has acquired Venturi Private Wealth, an Austin-based wealth manager with nearly $4 billion in assets under management.
The transaction brings about 30 employees to Caprock, including 10 consultants, and expands the company’s footprint in Austin and Oklahoma City, where Venturi is located.
In the year Founded in 2015, Venturi serves entrepreneurs, executives and multigenerational families with an honest, plan-oriented approach. Co-founder and CEO Russ Norwood began reviewing the company’s strategic growth plan 18 months before deciding to join Caprock.
“As a high-growth facility in one of the best geographies in the country, we’ve always had a lot of interest from companies looking to expand in our region,” Norwood said. “Many of them are not suitable for our customers’ specific focus. This was different from Caprock. Our No. 1 priority, if we went to another company, had to be a seamless solution for our customers.”
The company, which operates under the name Caprock, is owned by its employees, with Norwood holding a majority stake of between 25% and 50%, according to its most recent Form ADV filing. The firm is 95% owned by Fidelity and will remain so with Caprock, Norwood said.
Norwood and Joy Sager, who will lead the Venturi, Oklahoma City office, will become managing directors at Caprock.
Norwood Venturi said one of the reasons he joined Caprock was “the opportunity to help the firm grow and have a voice and influence.”
Other factors include: “The scale of the platform and infrastructure. Additional services that we believe will help drive value. Strong leadership and focus on the type of clients we serve. Strong commitment to alternative investments and family office services.”
The move is only Caprock’s second acquisition and follows a $2.2 billion deal for Gray Street Capital in 2024. Caprock last year He hired Frank Giuliano from LPL Financial. To manage the procurement and recruitment.
