Private equity firm Genstar Capital has led a recapitalization of Cerity Partners, a New York-based registered investment adviser managing $44.7 billion.
Financial terms of the recapitalization were not disclosed but a spokesman for Genstar said the firm now has a majority stake in Cerity.
Lightyear Capital, which has been an investor in Cerity Partners since 2017, will continue to be an investor in the firm, San Francsico-based Genstar said in a press release Monday.
Genstar currently has approximately $35 billion of assets under management. The firm targets investments, such as Cetera Financial Group, which are focused on targeted segments of the financial services, healthcare, industrials, and software industries.
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