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October 3, 2022

Oak Hill Capital buys Stone Point’s stake in wealth manager Kestra

Private equity investor Oak Hill Capital has bought a minority stake in funds owned by Stone Point Capital in wealth management company Kestra.

Established in 1997, Kestra supervises a total of $122bn in assets under administration (AUA).

The company also provides over 2,400 independent financial professionals with wealth management solutions. It has been associated with Stone Point Capital since 2016.

Between January and June this year, Kestra Financial along with Kestra Private Wealth Services added over 50 financial professionals and posted $4.1bn in new assets.

The company’s acquisition unit Bluespring Wealth Partners has added 26 wealth management firms so far this year.

Following the announcement of the new deal, Kestra has started the process recapitalisation of its alliance with its parents, Oak Hill Capital and Warburg Pincus.

Warburg Pincus will continue to operate as the majority investor in Kestra.

Kestra CEO James Poer said: “Our ability to partner with industry leading financial professionals and the strength of our business allows us to attract world class capital partners who want to be part of our growth.

“The longstanding relationship with Warburg Pincus and the addition of Oak Hill Capital allows us to continue to scale our platform, invest in our team and bring new capabilities to financial professionals and the clients they serve.

“We also want to recognise that for the last six years Stone Point has been an integral part of our success and an outstanding capital partner in support of our growth.”

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