Cresset Partners has acquired a minority stake in True Capital Management (TRUE), a global wealth management firm headquartered in San Francisco, according to a news release.

Details of the transaction were not disclosed.

Under the deal, TRUE CEO Doug Raetz and President Heather Goodman, who founded TRUE in 2007, will retain majority ownership of TRUE and direct all of the firm’s operations.

TRUE currently manages more than $1.2 billion of client assets on behalf of more than 200 clients, including sudden-wealth households and professional athletes such as Albert Pujols, Marshawn Lynch, Deandre Ayton, Diana Taurasi and Luka Doncic. 

Through its minority investment, Cresset will enable TRUE to expand its suite of client services and by collaborating with TRUE on investment opportunities. As TRUE continues to execute on a broad array of organic and targeted growth initiatives, it will be able to leverage Cresset’s acquisition experience and access to capital, as well as Cresset’s scale and national footprint. 

Cresset specializes in family office services and goals-based financial planning and investment management, with a focus on sourcing and providing direct access to private equity, real estate and other alternative investments. 

Cresset’s minority investment in TRUE is mutually beneficial; it will strengthen Cresset’s sudden wealth management capabilities and ability to serve clients in this segment of the market. Clients of both TRUE and Cresset will also gain access to a wider variety of private market investment opportunities.

MHB Advisers served as exclusive investment banking advisor, and Paul Hastings served as legal counsel to TRUE on its transaction with Cresset. Miller Canfield acted as legal counsel to Cresset.