Merchant buys into Elevation Point as Emigrant exits $18B wealth platform
What's the deal? Merchant has taken a minority stake in Elevation PointDealroom has a profile for this one. Try Dealroom →, a US wealth management platform, through a recapitalization that gives Emigrant PartnersDealroom has a profile for this one. Try Dealroom → full liquidity on its 18-month investment. Terms were not disclosed. The deal was announced on November 9, 2026.
What each side does: Elevation Point is a growth partner that takes minority stakes in registered investment advisers (RIAs) and breakaway advisers, letting them keep ownership and brand. Emigrant Partners supplies minority capital and hands-on support to independent wealth and asset management firms.
The numbers: During the partnership, which began in May 2025, Elevation Point grew nearly sixfold — from $3.2 billion to $18 billion in assets under supervision. Emigrant backed nearly a dozen partner-firm investments and helped recruit senior leaders.
What changes? Merchant's investment and an expanded credit facility give Elevation Point capacity for its next phase. Emigrant will continue providing some ancillary services through Emigrant Family Office.
Why now? For Emigrant, the exit is unusual. The firm describes itself as a long-term, non-governance minority partner whose longest investment spans 19 years, making an 18-month hold atypical.
In their words: "Emigrant was instrumental in helping us turn our vision into a business with meaningful scale," said Jim Dickson, founding partner and chief executive officer of Elevation Point. "We are grateful for their partnership and excited to build on that with Merchant."
The signal: The handoff fits a wider RIA trend, where minority investments and ownership changes give scaled advisory platforms capital to keep expanding without surrendering control. Fidelity counted 22 minority-investment transactions in the first half of 2026. The deal reads less as a conventional acquisition than as an investor exit and handoff at a fast-growing platform — a model gaining traction even as third-quarter RIA deal counts softened.
Read more: streetinsider.com
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