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GeoWealth, a turnkey asset management platform, announced a $42.5 million investment from Goldman Sachs, bringing its total Series C funding round to $80.5 million.  The Wall Street investment bank joins groups including Apollo, BlackRock, JPMorgan Asset Management and Kayne Anderson Capital Advisors as a minority investor. The two firms first partnered in October 2024 to further develop custom model portfolios for advisors on GeoWealth’s platform.

While this kind of funding usually goes toward acquisitions or expanding services, in this particular case, the majority of the Goldman funds will instead provide liquidity to early shareholders, said Colin Falls, GeoWealth CEO. “This wasn’t us going out, trying to find additional capital,” he told Advisor Upside. “It was more of an expansion of that relationship [with Goldman].”

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The TAMP space is largely dominated by big companies like AssetMark and Envestnet, which have been purchased by massive private equity firms in recent years, GTCR and Bain Capital, respectively. Falls sees this latest funding as a testament to GeoWealth’s place in an industry where a business can easily be overshadowed by bigger players.

“If you broadly look across the TAMP industry, you have the big incumbents that were public and have all gone private now,” Falls said. “A lot have gobbled up what I consider subscale, niche TAMPs, and there are very few intermediate companies that have proven they can establish a market fit.”

Tech Stack Talk. Right now, Falls believes advisors are often stuck between two options when it comes to managing their tech stacks: pure DIY software-as-a-service or outsourcing to a TAMP that takes over the entire investment process. “That’s what often gets lost in this conversation: A TAMP is not just the tech, but it’s the professional services support,” he said. “I think the void we filled in the industry is being hybrid of a software-first, self-service platform that still has all of the scale and efficiencies that would be gained from a TAMP.

“If I was building an RIA today, I would not want to build that infrastructure in house.”

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