ImpactAlpha, February 9 — Conshohocken, Penn.-based Rosemont will acquire a 24.9% equity stake in Veris Wealth Partners.
The San Francisco-based wealth management firm, which manages more than $2 billion in assets, had been looking for a partner to help it ensure its independence, CEO Stephanie Cohn Rupp told ImpactAlpha. “It was a dealbreaker to bring in someone that was going to squeeze us at the highest possible margins and not respect our commitment to impact.”
The minority investment will give Veris access to a long-term capital partner to scale its client activity in regenerative agriculture, sustainable forestry, racial and gender equity and other impact opportunities, said Cohn Rupp.
Rosemont, which recently transitioned from a private equity fund structure to a permanent capital investment mode, specializes in investing in employee-owned asset and wealth management firms.
“Our focus is on helping asset and wealth managers with ownership succession,” said Rosemont’s Brad Mook. Impact investing “is an area we’ve been interested in and one that we’ll continue to lean into,” he said.
Rosemont invested in Boston Common Asset Management through one of its private equity funds; it sold its stake last year.