Advent Buys Minor Stake in Fisher Investments

Advent International, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) has acquired a minor stake in the US billionaire Kenneth Lawrence Fisher-owned Fisher Investments (FI) and the $3 billion common stock investment by both – Advent and ADIA – values FI at $12.75 billion.

The transaction was part of Ken Fisher’s long-term estate planning and ensures FI’s long-term private independence, culture, growth evolution and devotion to exceptional client service.

Ken Fisher remains active in his current role as FI’s Executive Chairman and Co-Chief Investment Officer and retains a majority of beneficial ownership and over 70% of voting shares in FI while FI CEO Damian Ornani will lead the company’s day-to-day operations and business strategy.

Following the latest round of investment, David Mussafer, a Managing Partner at Advent, has joined the board of directors at FI, and Gabriela Weiss, a Principal at Advent, has joined as a board observer at FI.

As of 31 December 2024, FI managed nearly $300 billion for over 170,000 clients globally, including over 130,000 US private clients and 200 of the world’s largest and most well-known institutional clients.

First Outside Investment

This is the first outside investment in FI, with previous ownership solely among family and employees and there is no further FI investment transaction contemplated. The investment in common shares includes neither options nor non-common stock preferences and includes proportional voting to the investors’ beneficial ownership in FI.

Ken Fisher said that this transaction is aimed dually at long-term estate tax and planning purposes should anything untoward happen to me. Advent and ADIA are truly exceptional partners who value us operationally and culturally, and are committed to preserving what differentiates FI in our industry, he said.

David Mussafer said that they were thrilled to cement Advent’s partnership with FI at a moment when there is a growing need for the smart, independent and personalised financial expertise that FI is recognised for providing for 45 years.

J.P. Morgan Securities LLC and RBC Capital Markets served as joint financial advisors and Paul Hastings served as legal advisor to FI. Ropes & Gray served as legal advisor to Advent. Gibson Dunn served as legal advisor to ADIA.

FI, which was founded in 1979, is an independent, fee-only investment adviser, and its subsidiaries manage nearly $300 billion across three principal businesses—Institutional, US Private Client, and Private Client International.

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, it oversees more than $88.8 billion in assets under management and have made more than 420 investments across 43 countries.