Constellation Wealth Takes Minority Stake in $8B Procyon Partners 

Constellation Wealth Capital (CWC), a private equity firm established by former Emigrant Partners CEO Karl Heckenberg late last year to invest in the expanding RIA sector, has invested in Procyon Partners, an $8 billion registered investment advisor, to support its growth initiatives. 

The partnership will enable Procyon to scale operations, enhance advisor resources, and expand its geographic presence. Procyon, backed by Dynasty Financial Partners for back-office services, will maintain its independent operations. 

“CWC shares our commitment to client-first values, innovation, and long-term partnership. With their support, we’re positioned to accelerate our growth while continuing to deliver the exceptional, independent advice our clients have come to trust.” Phil Fiore, Procyon CEO and co-founder, said. 

Procyon operates offices in New York City, Long Island, Tennessee, Maryland, and its Connecticut headquarters, per its website. Constellation’s investment will facilitate new office openings in strategic U.S. markets. 

Since its 2023 founding, Constellation Wealth has raised approximately $1 billion to invest in wealth management firms, with prior investments in Cresset Asset Management, Lido Advisors, and AlTi Tiedemann Global.  

Houlihan Lokey served as the investment banking advisor to Procyon in the transaction, and Dynasty Investment Bank supported Procyon’s management team.