Great Hill Partners, a Boston-based private equity firm, has made a minority investment in Mission Wealth, a registered investment advisor with $10.7 billion in assets under management. The deal marks the private equity firm’s first foray into the RIA space.
The terms of the deal were not disclosed.
Mission Wealth will continue to be majority owned by its employees. The investment will fuel organic growth, expand the firm’s service offering and help it become a national RIA.
Santa Barbara, Calif.-based Mission Wealth was founded in 2000 and now has over 35 offices across the country, serving over 4,100 high-net-worth individuals and families.
“This partnership brings vital resources and additional intellectual capital to our firm, enabling us to serve clients in new ways, accelerate our organic growth initiatives, bolster our mergers and integrations team, and further invest in our technology stack,” said Matthew Adams, CEO of Mission Wealth. “Great Hill’s partnership is a strong endorsement of our business model, culture and team, and their track record of collaborating with founders and management teams will be instrumental in driving our ambitious growth trajectory.”
Matthew Vettel, a managing partner at Great Hill, will join Mission Wealth’s board of directors.
Great Hill has been in the market for a wealth management firm since 2023, when it hired John Wernz as executive-in-residence. He was tasked with identifying investment opportunities in the wealth management and wealthtech industries. Prior to joining the private equity shop, he spent 13 years at Wealth Enhancement, one of the fastest-growing RIAs, as chief marketing officer and interim chief growth officer.