Constellation Closes $1B Debut Fund to Invest in Wealth Managers 

Constellation Wealth Capital, the private equity firm that invests in wealth managers and established by former Emigrant Partners CEO Karl Heckenberg late last year, held the final close of its debut fund, Constellation Wealth Capital Fund, with more than $1 billion in capital commitments.  

The fund will continue to focus on making structured minority investments in “well-positioned” wealth management firms throughout the U.S with $2 billion to over $75 billion of assets under management. 

In addition to making minority investments, Constellation offers advisory services to the companies in which it invests to help enhance the operating performances of their businesses, scale their platforms, recruit, develop, and retain talent, pursue accretive mergers and acquisitions, and gain access to growth capital from other third parties, among other initiatives. 

“There is a significant market opportunity to serve as a strategic partner to wealth management firms that are at inflection points in their lifecycles and looking to successfully grow their platforms,” said Karl Heckenberg, president and managing partner of Constellation. 

Headquartered in Chicago, Constellation has made eight strategic investments out of its fund since inception, including in AlphaCore Wealth Advisory, AlTi Tiedemann Global, Avior Wealth Management, Cresset Capital Management, CV Advisors, Lido Advisors, Perigon Wealth Management, and Requisite Capital Management.