WestCap Group Invests $40 Million in AddeparWestCap Group Invests $40 Million in Addepar
Addepar will use the additional capital to continue investing in research and development, market expansion and build-out of the firm’s analytics and aggregation platform.
While the deal was surely in the works prior to the latest coronavirus-related market gyrations, private equity firm WestCap Group has invested $40 million into technology firm Addepar.
Laurence Tosi, WestCap’s founder and managing partner who has also been a member of Addepar’s board of directors since 2018, led the deal along with Scott Ganeles, a senior partner at WestCap. The two men, longtime partners, are also co-founders of capital markets fintech company Ipreo. Tosi was also CFO of Airbnb and remains a large investor in that company.
Addepar CEO Eric Poirier said in a statement that Addepar will use the additional capital to continue investing in research and development, market expansion and build-out of the firm’s analytics and aggregation platform, which currently has more than $1.7 trillion in assets under management on board. More than 400 firms, including registered investment advisors serving high-net-worth and UHNW clients and many family offices, use the platform.
In February, Addepar announced new migration tools and several new features, including AddeparGo and Addepar Teams. The company announced integrations with three financial planning software packages in July, including eMoney Advisor, Envestnet MoneyGuide and Libretto.
