Caprock Makes 2nd Acquisition with $4B Venturi Private Wealth

Boise-based multi-family office Caprock has announced the acquisition of Venturi Private Wealth, an Austin-based firm managing approximately $4 billion in assets. The deal significantly expands Caprock's geographic footprint into the high-growth markets of Austin and Oklahoma City while bringing its total assets under management to approximately $20 billion. This transaction underscores the ongoing trend of consolidation among high-end RIAs seeking to enhance their family office capabilities and alternative investment offerings for ultra-high-net-worth clients.

Caprock, a multi-family office registered investment advisor with $16 billion in assets, has acquired Venturi Private Wealth to bolster its presence in the Texas and Oklahoma regions. The acquisition integrates Venturi’s $4 billion in assets and approximately 30 employees, including 10 advisors, into the Caprock brand. Venturi, which was founded in 2015, specializes in serving entrepreneurs, executives, and multigenerational families through a fiduciary and planning-oriented model. The firm was previously employee-owned, with co-founder Russ Norwood holding the largest stake.

Under the terms of the agreement, Venturi will transition to the Caprock name, and its leadership will take on significant roles within the larger organization. Co-founder and CEO Russ Norwood will become a managing director at Caprock alongside Joey Sager, who leads the Oklahoma City office. Norwood noted that the decision followed an 18-month strategic review, ultimately choosing Caprock due to its scale, infrastructure, and commitment to alternative investments and family office services. The firm’s assets, which were 95% custodied with Fidelity, will remain with that custodian under the new ownership.

This transaction marks Caprock’s second major acquisition, following its $2.2 billion purchase of Grey Street Capital earlier in 2024. The firm’s inorganic growth strategy has been accelerated by the hiring of Frank Giuliano, formerly of LPL Financial, to lead acquisition and recruiting efforts. For the wealth management sector, this move highlights the competitive landscape for firms in premier geographies like Austin and the increasing necessity for mid-sized RIAs to join larger platforms to provide comprehensive, "no-excuses" solutions for sophisticated clientele.

The deal allows Caprock to leverage Venturi's regional expertise while offering Venturi's clients access to a broader suite of multi-family office capabilities. As the RIA space continues to consolidate, the integration of specialized firms like Venturi into larger multi-family offices reflects a strategic push to combine regional market access with institutional-grade platform depth. This expansion into Austin and Oklahoma City positions Caprock to better serve high-growth regions with a focus on high-net-worth and multigenerational family needs.