Cresset Enters Field Of Play With Sports-Wealth Investment

Tom Burroughes

6 February 2020

Cresset Capital, the US wealth management group, has made a strategic minority investment in TRUE Capital Management, a US firm serving professional athletes - a client segment of growing importance.

The two firms will collaborate on investment opportunities. TRUE’s chief executive, Doug Raetz and chief operating officer and president Heather Goodman, as well as other key employees, will retain majority ownership of the business and direct all its operations.

TRUE manages more than $1.2 billion of client assets on behalf of more than 200 households, with notable clients including Albert Pujols, Marshawn Lynch, Deandre Ayton, Diana Taurasi and Luka Doncic.

The investment puts the firm into partnership with a multi-family-office platform with offices in Chicago, San Francisco, Seattle, Denver, Minneapolis and West Palm Beach.

MHB Advisers served as the exclusive investment banking advisor, and Paul Hastings served as legal counsel to TRUE on this transaction. Miller Canfield acted as legal counsel to Cresset.

Sports stars and those working with them have become an important segment for some advisors. Wealth management also has a parallel trend of sponsoring sports events, such as NFL football, motor racing, golf and tennis.