Joe Duran’s Rise Growth Takes Minority Stake in $5.7B Mass RIA 

Rise Growth Partners, founded by Joe Duran, the former CEO of United Capital, announced it has acquired a minority stake in Grimes & Company, a family-owned wealth management firm based in Westborough, MA, with approximately $5.7 billion in assets. This transaction marks Rise Growth’s second minority investment since its launch in 2023. 

Grimes founded by Timothy (Tim) Grimes and now led by his son Kevin, has a presence in Florida, Nebraska, Texas, and Massachusetts, serving around 3,000 U.S. households. Through its partnership with Rise Growth Partners, Grimes plans to expand its geographic reach, enhance its centralized planning process, and attract advisor teams and firms to further grow its operations. 

“Grimes has built an incredible business by delivering truly bespoke investment portfolios at scale, something rare in an industry dominated by model-driven approaches,” added Joe Duran, managing partner at Rise. 

In August, Rise, based in Austin, TX, announced its first minority investment in registered investment advisor, Bleakley Financial Group. Based in Fairfield, NJ, Bleakley managed nearly $10 billion in advisory assets as of June 30, 2024. 

At the time, Rise said it would focus on acquiring stakes in “high growth” RIAs with assets under management ranging from approximately $1 billion to more than $5 billion. 

Last February, Rise announced a $250 million investment from private investment firm Charlesbank Capital Partners. This investment is intended to support Rise’s efforts to invest in select RIAs. 

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