Evoke Advisors, a Los Angeles-based RIA managing $27.5B in regulatory assets as of October 18, 2024, is eyeing the sale of a minority ownership stake, according to a January 22 report by Citywire citing sources with knowledge of the situation.
Sources told Citywire that Evoke Advisors has engaged Ardea Partners to advise on the capital raising effort. Evoke Advisors has been active in the RIA acquisition space, closing deals with Beverly Hills, CA-based Advanced Research Investment Solutions in 2022 and Crescent Bay Advisors, a multi-family office from Corona del Mar, CA, in 2024.
The firm joins the wave of independent wealth managers seeking institutional capital amid a surge of M&A activity among RIAs to close 2024 and heading into 2025. As Echelon Partners noted in its recent 2024 M&A deal report, “After two years of declining direct investment activity, activity is ramping up due to growth investments and minority recapitalizations involving large RIA platforms.”
News of Evoke seeking further investment comes at the same time as reports that fellow Los Angeles-based wealth manager Lido Advisors is said to be looking for a new investor to join original backer Charlesbank Capital Partners, employing Ardea Partners and William Blair to lead the investor search.
