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Direct Investment  + M&As  |  July 24, 2024
Genstar Capital Takes Majority Interest in Docupace
By: Joe Palmisano

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.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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