Dealflow | September 28, 2021

TA Associates takes a majority stake in Caprock as consolidation trend accelerates

David Bank
ImpactAlpha Editor

David Bank

ImpactAlpha, Sept. 28 – Boise-based multi-family office Caprock has been a leader in impact investing, placing more than $1.5 billion in client assets in 50 impact-oriented funds, such as Lendable, Reach Capital and Althelia’s Sustainable Ocean Fund.

TA Associates, a Boston-based private equity firm with nearly $50 billion in assets under management, agreed to pay an undisclosed price for a majority stake in Caprock, which advises on more than $7.5 billion in assets and has a strong focus on private markets.

The private-equity deal differs from recent acquisitions of impact advisory firms by other wealth managers; Caprock will continue to operate as an independent company, Caprock’s Nick Flores and Mark Berryman told ImpactAlpha.

“This will allow us to put more money into impact,” Flores said.

TA’s Clara Jackson and Roy Burns will join Caprock’s board. 


Earlier this year, Pathstone, a $25 billion multi-family office, agreed to buy Cornerstone Capital Group, which managed $1.3 billion in assets.

Last year, BlackRock agreed to pay more than $1 billion for Aperio and Morgan Stanley paid $7 billion for Eaton Vance; both Aperio and Eaton Vance’s Parametric unit enable the creation of customized indexed accounts focused on sustainability and ESG indicators.

Trillium Asset Management, with $2.8 billion in assets under management, was acquired by Perpetual Limited, an Australian financial services firm.