U.S. Capital Advisors LLC, a wealth management, institutional client and investment banking firm based in Houston, is acquiring Condera Advisors, a boutique advisory firm with a focus on alternative investments, U.S. Capital announced Tuesday.
Condera, also based in Houston, handles ultra-high-net-worth clients, says Patrick Mendenhall, a U.S. Capital managing partner. Condera, which brings $500 million in assets under management to U.S. Capital, will operate under the U.S. Capital name. U.S. Capital will have $3 billion in AUM with the acquisition, Mendenhall says.
CEO David Solomon and President Phil Pilibosian formed Condera in 2008. The firm concentrates on providing high-end diligence and portfolio construction using traditional and alternative asset classes. Solomon also is a member of U.S. Capital’s board of directors and was a founding investor in U.S. Capital.
“The acquisition of Condera represents another important step in the build out of our wealth management business,” says Mendenhall. The firm plans to expand in the Houston, Dallas and Austin markets.
Founded in 2010, U.S. Capital provides a full range of advisory services and solutions to high net worth individuals, family offices, institutional and corporate clients, according to the firm.