in its second such deal this week, Constellation Wealth Capital has taken a minority stake in Lido Advisors, an L.A.-based registered investment advisor with $19.1 billion in assets under management, and it will operate as a strategic partner, a Lido statement said.

Lido provides family-office-style services to high-net-worth and ultra-high-net worth clients, including tax, estate and legacy planning. The firm uses an active approach to wealth management and provides its clients with access to a variety of investment strategies, the statement said.

The firm has more than 30 offices across the U.S. and 130 investment advisor representatives. The terms of the deal were not disclosed.

“We are extremely pleased to announce our partnership with Constellation Wealth Capital,” said Jason Ozur, Lido’s chief executive officer, in the statement. “The relationship will enable Lido to leverage CWC’s expertise and knowledge to further enhance and support our organic and inorganic growth.”

On Monday, Chicago-based Constellation announced a minority investment in Perigon Wealth Management, a San Francisco firm with $6.5 billion in AUM.

Karl Heckenberg, Constellation's founder and managing partner, said by email that his investment team is focused on partnering with firms that fit their deal criteria of wanting to increase their growth and keep their independence, and where Constellation thinks it can add value without disrupting the fundamentals that have made the firm successful.

“I’ve been observing Lido for a long time and have been impressed by their operating model, value proposition, and leadership team, all of which have enabled the firm to achieve rapid organic and inorganic growth,” Heckenberg said.

Without disclosing how much capital he has at his disposal, Heckenberg said he does not have a target for the number of strategic minority stakes deals Constellation is hoping for in 2024. 

"We do not have a set number," he said. "The strategic mindset is what will continue to guide us over the long-term." 

The Constellation investment in Lido follows an equity investment by Charlesbank Capital Partners in June 2021 to become Lido’s first private equity sponsor, according to Charlesbank’s website. At the time, Lido had $9 billion in AUM.