Miracle Mile Advisors, a registered investment advisor, has merged with Karp Capital Management, a wealth management firm based in San Francisco Bay.

Karp Capital provides financial planning, investment advice, and retirement services to high-net-worth individuals and business owners with a focus on the automotive sector. The merger comes at the same time as a significant investment from Corsair Capital, a private equity firm focused on the financial and business services industries. Corsair expects to use its financial technology and wealth management experience to support Miracle Mile in its growth.

“Miracle Mile and Karp Capital coming together is a unique partnership,” comments Peter Karp, founder of Karp Capital. “We share a strong cultural alignment and dedication to providing clients with highly customized, fiduciary advice. Our focus on providing wealth management services to the automotive, RV, and powersports spaces complement Miracle Mile’s broad foundation in advanced financial planning and wealth advisory services.”

“We have been looking at the wealth advisory space for several years, trying to find the right platform company—we found it in Miracle Mile,” says Gunnar Overstrom, a partner at Corsair. “Their unwavering commitment to clients, incredible management team, market-leading growth, and award-winning culture makes the newly combined firm a perfect fit.”

Raymond James served as financial advisor to Miracle Mile and Karp Capital on the combination and recapitalization, Wilmer Cutler Pickering Hale and Dorr LLP served as legal counsel to Miracle Mile and Venable LLP served as legal counsel to Karp Capital. Simpson Thacher & Bartlett LLP served as legal counsel and Ardea Partners LP and Waller Helms Advisors served as financial advisors to Corsair Capital.