GeoWealth adds Goldman Sachs in USD $42.5m Series C round

GeoWealth has extended its Series C financing round with a $42.5 million minority investment from Goldman Sachs, adding the firm to a group of strategic minority investors in the wealth technology company.

The Chicago-based company said the funding will support growth and provide liquidity to shareholders. Its family office owner, The Globe Resources Group, remains the majority owner after the transaction, while Apollo, BlackRock, J.P. Morgan Asset Management and Kayne Anderson Capital Advisors remain minority investors.

GeoWealth operates a turnkey asset management platform for registered investment advisors across the US. Recent growth has been driven by demand from larger advisory firms, early uptake of custom model portfolio partnerships and deeper relationships with existing advisory clients.

The investment also expands an existing relationship between the two firms. GeoWealth and Goldman Sachs Asset Management began working together in 2024 on open-architecture custom models for registered investment advisors serving high-net-worth clients.

Investor group

The latest transaction adds Goldman Sachs to a shareholder base that already includes several of the world's largest asset managers. That mix is notable in a market where wealth technology providers have attracted institutions seeking closer access to financial advisers and the systems they use to build and manage portfolios.

GeoWealth said its ownership structure is designed to keep control with its family office backer while bringing in large institutions as strategic minority investors. It did not disclose a new valuation as part of the expanded Series C round.

"We're pleased to welcome Goldman Sachs as a new investor and build on the strong partnership we've already established together," said Colin Falls, Chief Executive Officer of GeoWealth.

Falls said the company has aimed to balance a majority owner with institutional backers.

"We've been very intentional about maintaining the right balance of investors-anchored by a majority family office owner that gives us the freedom to build the company on our terms-while also partnering with some of the world's largest institutions that help us think strategically, grow thoughtfully and continue to innovate for our RIA partners," said Falls.

Platform focus

At the centre of GeoWealth's offering is a unified managed account framework that allows advisers to combine multiple investment vehicles in a single account. The company says the structure supports customised portfolio construction, tax management and access to private market investments through private-only, public-private or blended models.

This reflects a broader shift in the registered investment advisor market. Advisers are under pressure to offer more tailored portfolios while managing administration, reporting and portfolio operations efficiently, particularly as wealthy clients seek access to both public and private assets.

GeoWealth plans to continue investing in its technology platform, custom model offerings, public-private model capabilities, product development and client service. It did not provide a timeline for those investments.

For Goldman Sachs Asset Management, the transaction provides both an equity stake and a board seat. Bryon Lake, Partner, Global Co-head of Third Party Wealth and Chief Transformation Officer at Goldman Sachs Asset Management, is joining GeoWealth's Board of Directors.

Lake said the firm sees growing demand from advisers for customised portfolio construction.

"GeoWealth's technology platform empowers advisors to seamlessly deliver customized portfolios combining public-private investment solutions at scale to their clients, and this need will continue to grow. Goldman Sachs Asset Management is committed to advisors and GeoWealth, and this will further our strategy to work collaboratively with client firms to deliver modern, sophisticated investment strategies and an excellent client experience," Lake said.

Wealth tech

The transaction highlights continued investor interest in platforms serving registered investment advisors, a segment that has grown in importance as independent wealth managers take a larger share of client assets. Technology providers that combine portfolio construction tools with operational support have become increasingly relevant to asset managers seeking distribution channels beyond traditional brokerage networks.

GeoWealth was founded in 2010 and is based in Chicago. Goldman Sachs oversees about $3.6 trillion in assets under supervision.