By Chris Glynn
A permanent capitalist financed
via Massachusetts Mutual Life Insurance Company bought a minor stake in $3
billion registered investment advisor GenTrust.
Kudu Investment Management—a
“holy grail” private investor funding RIA business—bought undisclosed ownership
in GenTrust, based in Miami.
The $565 billion mutual fund and personal
insurance company MassMutual became a minor owner in June of
Kudu, which made its 19th investment in GenTrust.
Kudu, headquartered in New York
with 30 people, launched in 2018 and has $70 billion under management, raising
$800 million for RIA businesses based in America, Australia as well as Canada
and the U.K.
MassMutual and $7 billion White
Mountain Insurance Group in Bermuda own Kudu.
The Kudu partner ownership program,
differing from private equity via avoiding management or C-suite ownership, has
included Channel Capital, EJF Capital, Granahan Investment
Management as well as Radcliff Capital Management.
The Kudu deal will give GenTrust
the “strategic and financial resource to accelerate both organic and inorganic
growth,” said George Perez, founding principal of GenTrust.
