Apollo-Backed CAIS Receives Growth Equity From Reverence Capital
(Bloomberg) -- CAIS Capital LLC, a tech platform for financial advisers and alternative asset managers, has received a growth investment of $100 million from middle-market private equity firm Reverence Capital Partners LP.
As part of the deal, Reverence Capital Managing Partner Milton Berlinski will join CAIS's board of directors, according to a statement provided to Bloomberg News. The latest raise is a continuation of the New York-based company's $225 million round in January, when the business received capital commitments from Apollo Global Management Inc., Motive Partners and Franklin Templeton.
The newest capital from Reverence “puts us at just over $1.1 billion valuation,” Matt Brown, founder and chief executive officer at CAIS, said in an interview. The fresh funds should be looked at “as one transaction of $325 million,” he said, referring to the company's raise earlier in the year.
CAIS was founded in 2009 as a software tech developer aiming to give independent financial advisers access to a range of alternative investment strategies. Through the platform, hedge funds, private equity, private credit, real estate and structured notes have been made available to advisers and their clients.
Headquartered in New York, Reverence Capital is a private investment firm focused on providing private equity and structured capital to the financial services sector. The firm was founded in 2013 by Berlinski, Peter Aberg and Alex Chulack.
With more cash on hand, Brown is gearing up for moves that include growing the company's workforce and looking at potential tuck-in assets, both domestically and internationally.
“There's just so much to do,” Brown said. CAIS is also building an internal acquisition team, he added.
“We are looking at acquisitions that improve areas of technology that we don't currently have, that we would like to have capabilities in,” Brown said, adding that was one reason the firm was increasing its capital now. “Acquisitions are very much top of mind.”
©2022 Bloomberg L.P.
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