After more than seven years of focusing on the US growth market – still one with large opportunities – Rockefeller Capital Management is beginning to turn its gaze beyond the US to other wealth markets.

A group of investors has injected more than $6.6 billion into Rockefeller Capital Management, giving the US-headquartered firm additional firepower for growth both domestically and internationally.

RCM, founded in 2018 and managing $182 billion in client assets as of the end of August, told this news service that it is eyeing opportunities for expansion in areas such as Singapore and the Middle East. It already maintains a London office in addition to its presence in 32 US markets.

“This recapitalization is a proactive step on our part. With our existing partners, we wanted to broaden the investor base and bring in other like-minded investors who are interested in long-term growth, stewardship, and a focus on the client,” said Greg Fleming, RCM’s chief executive and president, in an interview.

“We thought this would be an opportunity to take advantage of momentum in the marketplace – it’s a sort of slingshot,” he added.

Investors led by Mousse Partners, Progeny 3, and Abrams Capital have joined forces with RCM. Mousse Partners, which oversees a diversified portfolio of assets, invests in private and publicly traded companies as well as through third-party advised investment funds. The firm is based in New York City, with investment operations in Beijing and Hong Kong. Progeny 3 is a single-family office based in Kirkland, Washington. Abrams Capital is a Boston-based investment firm managing both private and publicly traded assets.

These groups are joining Viking Global Investors and the Rockefeller and Desmarais families, who came on board in April 2023. (The Desmarais family holds an interest in IGM Financial through its ownership of Power Corporation of Canada, which owns about 62.7 per cent of IGM.)

The transaction is expected to close no later than 31 December 2025, RCM said in a statement. RCM’s leadership team, including Fleming, remains meaningful shareholders in the firm. Viking Global Investors is still the firm’s largest investor, RCM added.

Broadening horizons
Fleming said he sees strong growth continuing in the US, noting that Rockefeller Capital Management plans to build up its presence in cities such as Miami, Minneapolis, and Las Vegas.

“We want to be in markets where there is significant wealth and successful families,” he said. “We’re looking to push forward in markets where we’re under-scaled.”

After more than seven years of a strong and disciplined focus on the US wealth market, RCM is now looking internationally for opportunities, including in philanthropy and education, and to collaborate with local partners in the wealth sector. That includes exploring markets such as Singapore – a city experiencing rapid family office growth – and the Middle East.

“We think this is an opportunity we haven’t touched to date,” Fleming said.

Competition and growth at the ultra-HNW end
The additional capital underscores how wealth management firms serving the ultra-high net worth segment are positioning themselves – not just within the US market. With Miami-based Corient acquiring UK-based multi-family offices Stonehage Fleming and Stanhope Capital a few weeks ago, along with the rise of transatlantic wealth manager AITI Global, competition at this level of the market is intensifying.

And the stakes are high. As of June 2025, there were an estimated 41.3 million high net worth individuals globally, each with wealth exceeding $1 million. Within this group, the UHNW population numbered 510,810 individuals, each holding fortunes exceeding $30 million, according to Altrata, a wealth intelligence and analytics firm. Although the ultra-wealthy represent just 1.1 per cent of the global HNW class, their cumulative share of wealth is far greater: at $59.8 trillion, the total net worth of the UHNW cohort accounted for 32.4 per cent of all HNW wealth (source: World Ultra Wealth Report 2025, Altrata).

A scion of the Rockefeller family dynasty welcomed the recapitalization news.

“This recapitalization marks an exciting new chapter for Rockefeller Capital Management,” said David Rockefeller Jr, director of Rockefeller Capital Management and a fourth-generation family member. “By welcoming these new partners alongside our existing investors, we’re not only strengthening our foundation and expanding our ability to deliver exceptional service, but also forging meaningful bonds between the Rockefeller family and these other distinguished families and investors.”

Fleming praised the investors who have supported RCM as he welcomed the new arrivals. “The continued support from our existing investors underscores the strength and momentum of our firm as we enter this next phase of growth. This recapitalization represents a significant step forward, fully aligned with Rockefeller Capital Management’s long-term strategic objectives,” he said.

Business lines
Rockefeller’s businesses include Rockefeller Global Family Office, Rockefeller Asset Management, and Rockefeller Global Investment Banking.

Wachtell, Lipton, Rosen & Katz served as legal advisor to Rockefeller Capital Management, while Cleary Gottlieb served as legal adviser to Viking Global Investors.

Founded in 1999, Viking Global Investors, a Registered Investment Adviser (RIA), manages more than $53 billion in capital across public and private investments. It has offices in Stamford, New York, Hong Kong, London, and San Francisco.

IGM Financial, based in Canada, provides wealth and asset management services and oversees about $303 billion in total assets under management and advisement as of September 30. It operates primarily through IG Wealth Management and Mackenzie Investments, complemented by strategic positions in RCM, Wealthsimple, and asset managers ChinaAMC and Northleaf Capital.