New York, October 24, 2023 – Neuberger Berman Capital Solutions (“NB Capital Solutions”) announced today a capital partnership with Merit Financial Advisors (“Merit”), HGGC, LLC (“HGGC”), and Wealth Partners Capital Group (“WPCG”). Merit is a hybrid, SEC-Registered Investment Adviser based in Atlanta, GA, that maintains 40 offices throughout the U.S. As of September 30, 2023, Merit managed $8.96 billion in client assets. NB Capital Solutions participated in the capital raise to fund a series of accretive mergers and acquisitions.
“The Merit transaction represents an opportunity for NB Capital Solutions to partner with a strong national brand and a seasoned management team with a proven ability to execute on both organic and inorganic growth strategies,” said Nikhil Krishnan, Managing Director of NB Capital Solutions. “Most importantly, the Merit team offers an exceptional client experience, and NB Capital Solutions is excited to work alongside Merit management, HGGC and WPCG as part of this transaction.”
“Merit has a significant M&A pipeline, and our partnership with NB Capital Solutions provides Merit with access to additional capital to help fund and execute future acquisitions. Merit is growing rapidly and is focused on continuing to provide our advisors, partners, and clients with exceptional offerings and a personalized experience,” said Rick Kent, Founder and CEO of Merit.
“We are thrilled that Neuberger Berman has come in as a capital solution partner and it is a testament to Merit’s growth and scalability that we are able to add them to Merit’s investor base, “said Rich Gill, Co-Founder of Wealth Partners Capital Group.
Latham & Watkins LLP served as legal counsel to NB Capital Solutions. Kirkland & Ellis served as Merit’s counsel.
About NB Capital Solutions
NB Capital Solutions provides bespoke capital solutions to private equity-owned companies, enabling sponsors and management teams to achieve long-term strategic objectives. NB Capital Solutions manages ~$6 billion in capital commitments and has made investments in over 90 companies across its two funds. For more information, please visit www.nbcapitalsolutions.com.
About Merit Financial Advisors
Merit Financial Group, LLC, doing business as Merit Financial Advisors (“Merit”), is a national wealth management firm that supports both the independent broker-dealer and RIA models. Based in Atlanta, Georgia, Merit has 40 offices throughout the U.S. and managed $8.96 billion in assets as of September 30, 2023 ($6.4 billion in advisory, $2.36 billion in brokerage assets and $197 million in assets under advisement). For more information, please visit www.meritfinancialadvisors.com.
Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Merit Financial Group, LLC, an SEC-registered investment adviser. Merit Financial Group, LLC, Merit, Merit Financial Advisors are separate entities from LPL Financial.
About Wealth Partners Capital Group
Wealth Partners Capital Group (“WPCG”) is a financial services holding company, which invests in and partners with select leading wealth management firms. WPCG assists its partner firms by identifying and integrating like-minded registered investment advisors and financial advisors who are seeking access to expanded business capabilities, strategic growth and customized transition solutions. For more information, please visit www.wealthpcg.com.
About HGGC
HGGC is a leading middle-market investment firm based in Palo Alto, Calif. with over $6.9 billion in cumulative capital commitments. HGGC is focused on partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. HGGC makes investments in RIAs via its Aspire Holdings platform, which is targeting $300 million of total investment in the space. More information is available at hggc.com.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. Neuberger Berman’s investment philosophy is founded on active management, engaged ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than 1% of investment firms. With offices in 26 countries, the firm’s diverse team has over 2,750 professionals. For nine consecutive years, Neuberger Berman has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). The firm manages $449 billion in client assets as of September 30, 2023. For more information, please visit our website at www.nb.com.