RIA Intel recently sat down with Brad Mook, Managing Director at Rosemont, to discuss its purchase of a minority stake in Veris Wealth Partners, a San Francisco-based firm with $2 billion in assets that builds ESG portfolios for high-net-worth and ultra-wealthy families.
The publication reported that Rosemont helped founders get liquidity and democratize the Veris ownership. Now, no single employee owns more than 20 percent of the company, making succession more affordable for others in the future, Stephanie Rupp, CEO at Veris Wealth Partners, told RIA Intel. “I think this is a very smart, astute model,” Rupp said of Rosemont. “They come in and fill that gap.”
“It’s a very different model than the private equity fund model,” Mook told RIA Intel, referencing Rosemont’s newer permanent capital approach. He also noted the company’s investment philosophy hasn’t changed. “Our philosophy has always been that employee-owned and controlled investment firms are the ideal model.”
Mook added that Rosemont has always admired firms like Veris and believes the investment happened at an inflection point for the firm.