Kelso & Co., a middle-market private equity firm headquartered in New York, has made an investment in Pathstone, an advisory firm offering wealth management advice and family office services for families, family offices, foundations and endowments.
Pathstone has grown to over 350 employees, over 180 of whom are shareholders, and represents more than $80 billion in assets across 17 offices. Kelso will join Lovell Minnick Partners, which has backed Pathstone since 2019 and will add to its capital commitment in its next chapter of growth.
“With a shared vision for the future, we look forward to partnering with LMP and supporting Pathstone’s leadership during this next important phase of expansion,” says Steve Dutton, partner at Kelso.
Ardea Partners LP served as financial advisor and Alston & Bird LLP served as the legal advisor to Pathstone. Kirkland & Ellis LLP and Republic Capital Group advised LMP. William Blair & Co. provided financial advice, and Debevoise & Plimpton LLP served as legal advisor to Kelso.