CONSHOHOCKEN, PA — Hamilton Lane (Nasdaq: HLNE) has led a $270 million single-asset continuation vehicle for Savant Wealth Management, providing liquidity to early investors while extending private equity ownership of one of the nation’s largest registered investment advisers.
The transaction, announced jointly by Hamilton Lane and Cynosure Partners, comes a decade after Cynosure’s initial investment in Savant Wealth Management. Funds managed by Hamilton Lane served as the sole lead investor and the only source of new outside capital.
Continuation vehicles have become an increasingly common private equity tool, allowing existing investors to cash out while giving sponsors and new investors additional time to hold businesses viewed as having continued growth potential.
Savant manages more than $57 billion in assets for over 25,000 clients through 70 offices nationwide. The firm provides investment management, wealth advisory, tax, consulting and related legal services.
Cynosure will remain a minority investor and retain its board representation alongside Kelso & Company. Savant employees will continue as the company’s largest shareholder group under its employee ownership model.
“Ten years marked the right time for us to allow our original investors to take liquidity in what has been a great partnership with the entire Savant organization,” Keith Taylor, co-founder and managing director of Cynosure, stated. “We have as much conviction in Savant’s future today as when we first invested.”
Hamilton Lane characterized the transaction as part of its continued investment in the registered investment adviser sector.
“Savant is a high-quality business with a strong management team operating in an attractive segment of the wealth management market,” Keith Brittain, co-head of secondary investments at Hamilton Lane, stated. “This Transaction reflects Hamilton Lane’s deep middle market experience and our ability to develop tailored solutions.”
Savant Founder and Chief Executive Officer Brent Brodeski noted that the firm has expanded significantly since Cynosure’s original investment.
“Savant is over 25x larger today than it was when Cynosure invested ten years ago, and we believe we are still in the early innings,” Brodeski stated.
Campbell Lutyens served as financial adviser to Cynosure. Ropes & Gray acted as legal adviser to Hamilton Lane, while Debevoise served as legal adviser to Cynosure.
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