GeoWealth Lands $38 Million Series C for Expansion into Public-Private Space

GeoWealth, the Chicago-based Turnkey Asset Management Program provider, announced that it has received a $38 million investment from Apollo (with previous contributions from Blackrock, JP Morgan, and Kayne Anderson). But that is just the tip of the iceberg. GeoWealth is also partnering with Apollo to enhance its Public-Private alternatives offering, which we see as a fairly big deal. Apart from fielding new Public-Private offerings, other uses of proceeds include accelerating innovation for its UMA platform (useful for public-private models) and completing the acquisition of the TAMP assets of Freedom Advisors. So, it looks like another summer down the drain for our friends at GeoWealth, but we love the way they are moving the industry forward.

Just this morning we were writing about the rush to provide alternative investment functionality in wealth management. Among the firms that have added or initiated alternative investments are BlackRock, SEI, Goldman, Fidelity, CAIS, AssetMark, SMArtX, BNY Mellon, Orion, Vestmark, Addepar, and now GeoWealth. I am sure I missed several. Who do we think will be the big winners in this rush to alternatives, apart from the investors presumably? TAMPs. We believe that the TAMPs will be the gatekeepers for the alternative product until efficient indexes can be developed. Something to keep an eye on.

To read more about the rush to alternatives, see our post WealthTech is Rushing to Launch Functionality around Alternatives.