Advent, Abu Dhabi Finalize $3B Stake in Fisher Investments

Fisher Investments announced the closing of its $3B common stock minority investment from Advent International and the Abu Dhabi Investment Authority (ADIA), which values the firm at $12.75B.

The deal represents a first external investment in Fisher Investments, as ownership was previously exclusive to family and employees. Following the transaction, Advent managing partner David Mussafer was appointed a seat on Fisher’s board of directors, with Advent principal Gabriela Weiss also joining as board observer. JP Morgan Securities LLC and RBC Capital Markets acted as joint financial advisors and Paul Hastings as legal advisor to Fisher, while Ropes & Gray served as legal advisor to Advent and Gibson Dunn to ADIA. 

Founder and executive chairman Ken Fisher will maintain majority ownership of the firm with above 70% voting shares, and CEO Damian Ornani will continue to oversee business and operational strategies. Fisher Investments said that as of year-end 2024, it managed approximately $300B in client assets.