Caprock Makes 2nd Acquisition with $4B Venturi Private Wealth
Caprock, a Boise, Idaho-based $16 billion multi-family office registered investment advisor, announced Tuesday that it had acquired Venturi Private Wealth, an Austin-based wealth manager with about $4 billion in assets under management.
The transaction brings approximately 30 employees to Caprock, including 10 advisors, and expands the firm’s footprint in Austin and Oklahoma City, where Venturi has a presence.
Founded in 2015, Venturi serves entrepreneurs, executives and multigenerational families through a fiduciary, planning-oriented approach.
The firm, which will now operate under the Caprock name, was owned by its employees, with co-founder and CEO Russ Norwood holding the largest stake of between 25% to 50%, according to its most recent Form ADV. The firm was custodied with Fidelity, according to that filing, which is also an option with Caprock, according to its filings.
“Caprock brings broader investment capabilities, deeper family office resources and the scale to support clients as their needs continue to evolve, while preserving the culture, independence and client focus that have always defined Venturi,” Norwood said in a statement.
The move is only Caprock’s second acquisition to date, and follows a deal for $2.2 billion Grey Street Capital in 2024. Last year, Caprock hired Frank Giuliano from LPL Financial to head its acquisition and recruiting.
Norwood and Joey Sager, who leads Venturi’s Oklahoma City office, will become managing directors at Caprock.
