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Multi-Family Office Acquires Chicago-Based Advisor

Editorial Staff March 21, 2024

Multi-Family Office Acquires Chicago-Based Advisor

The deal, which takes Caprock's total assets under advisement to more than $11 billion, is part of a wider trend of continued consolidation in the North American wealth sector.

Caprock, the US multi-family office and RIA, has made its first-ever acquisition, buying Grey Street Capital, a Chicago-based advisory firm with $2.2 billion in client assets.

The deal brings Caprock's assets under advisement to more than $11 billion, it said in a statement yesterday. 

"Caprock and Grey Street fit very well with each other as both firms are focused on providing sophisticated solutions to a select number of ultra-affluent families," Gregory Brown, Caprock Co-CEO, said in a statement. 

Grey Street will operate under the Caprock brand. Beyond Chicago, it also has advisors located in Scottsdale, Arizona; Winter Park, Florida; and Morris County, New Jersey. 

The two firms have a presence in complementary markets, creating opportunities to scale their collective geographic footprint, Caprock said.

The terms of the agreement were not disclosed.

Caprock was founded in 2005; it acts as a full-service outsourced chief investment officer and chief financial officer for 300 wealthy families with a total of more than $9 billion in assets under advisement. The firm is a privately held, multi-family office with locations in Boise, Seattle, San Jose, Newport Beach, Park City, New York, and Austin. As for Grey Street Capital, it was founded in 2017. Besides its Chicago HQ, it has advisors in Arizona, Florida and New Jersey.

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