Golden Gate Capital, a San Francisco-based private equity investment firm with over $19 billion in cumulative committed capital, has recapitalized Parallel Advisors LLC, a registered, independent wealth management firm.
Founded in 2006, Parallel manages approximately $4.8 billion in assets under management for high-net-worth individuals and pension and profit-sharing plans across advisory, wealth planning, operations and investment teams. The firm focuses on client experience, including financial and estate planning, investment portfolio management and active asset allocation. Golden Gate’s investment looks to accelerate the company’s mergers and acquisitions strategy and organic growth opportunities.
“In this next chapter, we are thrilled to partner with Golden Gate Capital, whose deep financial services expertise will help drive value for our clients and advisors and support our growth initiatives,” says C.J. Rendic, CEO of Parallel.
Republic Capital Group LLC served as financial advisor to Parallel. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to Golden Gate Capital. Alston & Bird LLP served as legal advisor to Parallel.