On April 12, 2023, registered investment advisor custodian Altruist announced that it has raised $112 million in a Series D round of funding. The financing was led by Insight Partners, new investor Adams Street Partners, and included support from existing investors. Industry leaders Bill McNabb, Ron Carson, and Marty Bicknell also participated in the round. Wilson Sonsini Goodrich & Rosati advised Altruist on the transaction.

Altruist plans to use the proceeds to further develop and expand its service offerings to reach a broader segment of the RIA market, including mid-sized firms that manage between $100 million and $1 billion in total assets.

The new round of funding puts Altruist’s total venture funding raised at more than $290 million. The company closed a previously undisclosed Series C round of $110 million in November 2021 led by Declaration Partners with participation from Venrock, Insight Partners, and Vanguard. Altruist recently acquired SSG, an advisory services firm, and launched a new brokerage offering. Altruist is now the third-largest custodian as measured by number of firms served.

The Wilson Sonsini corporate team that advised on the deal includes Mark Baudler, Melissa Rick, Annie Giomi, Imani Ivery, and Henry Yen.

For more information, please see the company’s press release or read media coverage in Axios or Barron’s.