Cresset announced that it has closed on a US$150 million minority investment from Constellation Wealth Capital, a long-term strategic investor that provides capital solutions exclusively to wealth management businesses and multi-family offices. This investment represents a less than 10% stake in Cresset and will be used to further enhance Cresset’s platform, technology, and recruitment of high-caliber teams. Cresset remains proudly independent, with employees and clients being the overwhelming majority owners of the business.

Latham & Watkins LLP represented Cresset in the transaction with a corporate deal team led by Chicago partners Jonathan Solomon and Jana Kovich, with associates Katie Connelly, Michael Magstadt, and Mariah Levy, and with support from Chicago partners Michael Pucker, Cathy Birkeland, and Owen Alexander. Advice was also provided on tax matters by New York partner Matthew Dewitz, with associate Gina Richards; on compensation and benefits matters by Chicago partner Benjamin Rosemergy, with associate Daniel Bop; on fund regulatory matters by Washington, D.C. partner Aaron Gilbride, with associate Haley Hohensee; on fund formation matters by New York partner Beau Brashares, with associate Werner van der Westhuizen; and on anticorruption/sanctions matters by Chicago partner Meredith Monroe and Washington, D.C. counsel Andrew Galdes, with associates John Doyle and Matthew Crawford.