AlphaCore Wealth Advisory, a registered investment advisory firm managing $2.6 billion, has become the first capital recipient of Karl Heckenberg’s new private fund management company, Constellation Wealth Capital. Constellation has purchased more than a quarter of AlphaCore’s equity, replacing two family office investors. AlphaCore specializes in alternative investments and offers traditional asset management, financial planning, and corporate retirement plan services. The partnership with Constellation will support AlphaCore's growth, including hiring, client service improvement, and pursuing acquisition opportunities. Constellation plans to invest between $25 million and $200 million in wealth management businesses with between $1 billion and $200 billion in assets. The company expects to have committed more than $150 million in fund investments by the end of January. AlphaCore CEO Dick Pfister praised Constellation's expertise and involvement in helping grow firms and their investments.
Constellation Wealth Capital, a new RIA minority investor, has made several minority investments in RIAs since its launch in December 2023. The firm is working with a team of former Pershing employees to help these portfolio firms identify and act on specific growth areas [bdcafee6].