Modern Wealth Lands $200 Million Centerbridge Bet Near $17 Billion AUM

Modern Wealth Management has secured a $200 million hybrid debt-and-equity investment from funds managed by Centerbridge Partners, cash that will fund acquisitions and platform expansion at a registered investment advisor now approaching $17 billion in assets under management.

Funds managed by Harvest Partners SCF also participated in the deal. Crestview Partners, which provided Modern Wealth's initial $200 million equity financing in 2023, remains the firm's largest institutional investor. Modern Wealth will also stay majority employee-owned, with more than 150 employee shareholders holding stakes.

How fast has the firm grown?

The numbers are steep for a three-and-a-half-year-old company. Founded in April 2023 by Gary Roth, Mike Capelle, Jason Gordo and Jason Del Col, Modern Wealth has completed 26 acquisitions since launch and built assets under management to nearly $17 billion. Its model integrates established advisory businesses into a platform offering centralized technology, operations and specialized planning services — investment management, financial planning, tax planning and preparation, and estate planning.

President and co-founder Jason Gordo framed the deal as capital plus continuity. "When we founded Modern Wealth, we set out to build a different kind of wealth management firm, one where advisors have the resources, expertise and support to grow their businesses while delivering a more comprehensive experience for clients," Gordo said. "This investment gives us the capital to accelerate our growth while continuing to invest in the people and capabilities that make our model successful. Just as importantly, remaining majority employee-owned ensures the people building this business continue to have a meaningful stake in its future."

What will the money fund?

The firm will deploy the capital on acquisitions, expansion in key wealth management markets, and development of its integrated planning and advisory platform. It has already built an Organic Growth Hub and an Advisor Support Center, units that give advisors marketing, technology, operations and specialized planning support. Management's thesis: centralizing those functions frees advisors to spend more time on clients and organic growth.

Acquired firms get access to Modern Wealth's technology, investment expertise and centralized infrastructure. The target seller is the independent advisory firm seeking operational resources and long-term growth options — the population being pulled toward consolidation across the RIA industry, where firms increasingly want technology, compliance, succession planning and specialized expertise at scale.

Who's on the board now?

The company also appointed David Canter to its Board of Directors. Canter is CEO of Finley Point Strategy and former President of Bluespring Wealth Partners, and he previously led Fidelity Institutional's RIA and family office businesses. He has also made a significant equity investment in Modern Wealth through ATON Associates, a firm focused on minority investments in wealth management businesses.

What do the investors say?

Centerbridge, which manages roughly $52 billion across private equity, private credit and real estate, sees room to push the platform further. "Modern Wealth has distinguished itself through the strength of its leadership team, the scale it has achieved and its disciplined approach to building an integrated national platform," said Eric Hoffman, Senior Managing Director at Centerbridge Partners. "We believe the firm is exceptionally well positioned to capitalize on the significant growth opportunities across the independent wealth management industry. We look forward to supporting its continued expansion alongside Crestview."

Crestview, which manages funds with more than $10 billion in aggregate capital commitments, backed the founders from day one. "Modern Wealth has achieved extraordinary growth in a remarkably short period of time, and we couldn't be more proud of what Jason, Gary, Mike and the entire team have built," said Dan Kilpatrick, Partner and Head of Financial Services at Crestview. "From the outset, we believed in their vision to create a differentiated wealth management platform that puts advisors and clients first."

Ardea Partners served as lead financial advisor to Modern Wealth, with Houlihan Lokey and Citizens Bank also advising. The financing strengthens a capital position that Modern Wealth will keep pointing at dealmaking, technology and a national advisory buildout — a bet that RIA consolidation still has years left to run.