PE Shop Berkshire Partners to Invest in Harbourfront Wealth Group

Vancouver-based wealth management firm Harbourfront Wealth Group has landed an investment deal valued at C$1.775 billion with Boston-based private equity firm Berkshire Partners. 

As part of the investment, Harbourfront’s existing investor, Audax Private Equity, which initially invested in the firm in 2022, will maintain a significant stake in the firm, Harbourfront said. 

“Canada’s wealth management landscape is undergoing a fundamental shift toward independence, transparency, and advisor-led growth,” Dave Bordeau, managing director at Berkshire Partners, said. “Harbourfront sits at the center of this transformation, and our partnership reflects our deep conviction in the management team, the strength of Harbourfront’s advisory teams and employees, and the long-term opportunity ahead.” 

The transaction, which is expected to close in the second half of this year, will provide shareholders and investment advisors with “material returns,” the firm said. 

Earlier this month, Harbourfront Wealth Group announced its plans to acquire Cumberland Partners Limited and its subsidiaries, which is set to close in the third quarter of this year, adding $5 billion in assets under administration. 

Vancouver-based Harbourfront Wealth Group, founded in 2013, manages about $22 billion in total client assets across 60 locations in Canada.