Cresset Asset Management, based in Chicago, has sold a minority stake to Constellation Wealth Capital, a private equity firm founded by Karl Heckenberg, former CEO of Emigrant Partners. Constellation's investment amounts to $150 million, which represents less than 10% of Cresset’s equity.

With over $60 billion in assets under management, Cresset plans to utilize the new funds to enhance its technology and attract advisor teams. The firm will continue to be primarily owned by its employees and clients, maintaining its commitment to a client-centric model.

Avy Stein, co-founder and co-chairman of Cresset, emphasized that Constellation's investment validates Cresset’s vision and growth strategy. He noted that Constellation specializes in long-duration capital investments in wealth management and multi-family offices, which will benefit Cresset's clients and team.

Founded in 2017 by Eric Becker and Stein, Cresset was established to manage their families' assets. The firm, rooted in private equity, focuses on providing private placements to affluent clients, including entrepreneurs, CEOs, and multigenerational families. Cresset offers a range of services, including boutique family office solutions, personalized wealth management, and private investment opportunities, all within a community that encourages peer-to-peer learning.

Constellation Wealth Capital, launched last year, aims to acquire minority stakes in high-performing firms, providing them with capital, resources, and expertise to facilitate growth. The firm has already invested in several large registered investment advisors (RIAs), including Lido Advisors, which manages $24 billion in assets, and AlTi Tiedemann Global, a publicly traded wealth management firm with over $72 billion in assets across its subsidiaries.