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Industry Spotlight > Mergers and Acquisitions

Cresset Merges With True Capital to Form $33B Multi-Family Office

By Jeff Berman

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What You Need to Know

  • Cresset Asset Management and True Capital Management merged in a transaction finalized on May 1.
  • The two brands will continue to be used for the foreseeable future. But TRUE Capital is now called TRUE Cresset Sports + Entertainment.
  • Liz Nesvold joined the merged company as its president.

Cresset Asset Management and True Capital Management said Tuesday that they had merged, creating a multi-family office with almost $33 billion in assets under management as of May 2 and with offices in 19 locations across the U.S.

The “strategic combination” expands Cresset’s presence in the sports and entertainment sector, the firms said in a joint announcement.

The merger was completed on May 1, according to Doug Raetz, True CEO. In a statement provided to ThinkAdvisor by email, he said: “Both brands will continue to be used for the foreseeable future, with TRUE Capital now being called TRUE Cresset Sports + Entertainment.”

Cresset has been serving entrepreneurs, CEO founders, wealth creators, executives and partners, as well as high-net-worth and multigenerational families, it said.

True is a multi-family office that has specialized in guiding diverse clients across sports, entertainment and entrepreneurism to financial security and generational wealth, it said. The firm has also offered alternative investing strategies spanning venture capital (via True Capital Ventures), managed real estate (through True Real Estate), hedge/options, private debt and impact investing.

Prior to the merger, Cresset had more than $30 billion in AUM, Raetz said. As of Feb 22, True managed $1.7 billion of assets on behalf of over 350 clients, including Major League Baseball star Albert Pujols, True said.

Post-merger, True clients will be able to access “Cresset’s scale and national footprint, including its extensive family office services, goals-based financial planning, institutional-quality private investments, and lifestyle services,” the companies said.

“When we first met the TRUE team several years ago, we found kindred spirits in terms of how we believe clients should be treated and the positive impact wealth can have,” Avy Stein, Cresset co-chairman and co-founder, said in a statement. “Our mutual dedication to providing access to a full suite of sophisticated family office services and private investment opportunities makes this an ideal partnership.”

Separately, Cresset said May 2 that Liz Nesvold joined the company as president. In the newly created role at the company, Nesvold will oversee its strategy and offerings and “Cresset’s 100-year vision,” with co-founders Eric Becker and Stein.

Her main focus will be to ensure that Cresset clients continue to receive a “deeply personalized, holistic, boutique family office experience,” the firm noted.

She previously served as a founder CEO herself, launching and building the investment bank Silver Lane Advisors with several partners, including her husband, Peter Nesvold.

Under Nesvold’s leadership, Cresset said, Silver Lane became a widely recognized RIA M&A firm that she sold to Raymond James in 2019. She remained as a managing director and head of Asset and Wealth Management Investment Banking until her recent departure from Silver Lane.

 (Image: Shutterstock) 

Jeff Berman

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