HGGC forms new company to invest in RIA space
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HGGC, a middle-market private equity firm based in Palo Alto, California, created Aspire Holdings, a new company that will hold the firms investments in registered investment advisers as it pursues a plan to invest up to $300 million in the space.
To date, HGGC has taken equity stakes in Apella Capital, Merit Financial Group and WA Asset Management, the firm said in a press release Wednesday.
Steve Young, HGGC’s co-founder and president, will act as chairman of Aspire.
HGGCs current and future RIA investments will continue to operate independently. The firm plans to invest in registered investment advisers both on its own and in partnership with other investors.
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The post HGGC forms new company to invest in RIA space appeared first on InvestmentNews.
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