Citywire recently sat down with Rosemont Investment Partners to discuss the sale of its minority equity ownership of Clearstead.

As a Cleveland-based RIA overseeing $28 billion in assets, Clearstead “manages money for high-net-worth individuals and offers investment consulting and outsourced chief investment officer (OCIO) services for institutions such as pension plans, 401(k) plans, endowments and nonprofit organizations,” the publication reports. Rosemont purchased its minority stake in the RIA in March 2017. As of July, the private equity firm held 32% interest in Clearstead.

“Our private equity fund is out of its investment period,” says Rosemont Managing Director Brad Mook. “The timing worked out that they could find a partner to provide them some growth capital. It allows us to exit, albeit sooner than we wanted, because we’ve really enjoyed the partnership and, frankly, in a permanent context would have partnered with them indefinitely.”

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