Caprock, a multi-family office registered investment advisor (RIA) focused on ultra-high-net-worth clients, announced the acquisition of Grey Street Capital, a Chicago-based boutique advisory firm with $2.2 billion in client assets.

The deal marks Idaho-headquartered Caprock’s first acquisition and brings its assets under advisement to over $11 billion.

Terms of the agreement were not disclosed but it is likely the beginning of a new growth strategy, said Caprock co-CEO Gregory Brown.

“This acquisition sets a high bar for finding future partners and demonstrates our commitment to growing organically while maintaining the integrity of the services we provide,” said Brown. “We look forward to quickly integrating the Grey Street team into Caprock and growing together in the future.”

Founded in 2017, Grey Street will now operate under the Caprock brand. The firm also has advisors in Scottsdale, AZ; Winter Park, FL, and Morris County, NJ.

Caprock, founded in 2005, acts as a full-service outsourced chief investment officer (OCIO) and CFO for 300 wealthy families with over $9 billion in assets under advisement.

Taking an endowment-like investment approach, Caprock has expertise and access to private markets, where it manages more than $4 billion in investments across private equity, venture capital, real estate and private credit.

The firm is a privately with locations in Boise, Seattle, San Jose, Newport Beach, Park City, New York, and Austin.