Genstar Capital Takes Majority Interest in Docupace
Genstar Capital, a private equity firm focused on investments in financial services, software, industrials, and healthcare, has acquired a majority stake in Holmdel, NJ-based Docupace, a provider of software to streamline back-office operations for wealth management firms and financial advisors.
FTV Capital, which made a growth investment in Docupace in 2020, will continue to hold a minority stake. Financial terms of the deal, which is expected to close in the third quarter of 2024, were not disclosed.
“Genstar’s investment is a testament to our belief that Docupace is transforming how critical work – new account opening, client onboarding, workflow, compliance, compensation, advisor transitions, data gathering and client engagement – gets done in wealth management enterprises,” said Docupace CEO David Knoch.
The acquisitions of jaccomo and PreciseFP in 2021 expanded Docupace’s platform capabilities into compensation, compliance, and digital client data gathering.
Genstar Capital, founded in 1998 in San Francisco, manages $49 billion in assets across 40 portfolio businesses. The firm’s first wealth management investment came in 2015, when it acquired a majority stake in Mercer Advisors. In 2018, the company purchased majority control of Cetera, followed by Cerity in 2022.
Financial Technology Partners served as exclusive financial advisor and Gibson Dunn served as legal counsel to Docupace. RBC Capital Markets served as financial advisor and Ropes and Gray served as legal counsel to Genstar.