Curious what this place thinks about the proliferation of RIA roll-ups the past 10-15 years and what the end game is (i.e. exit). Just saw the GA CV for Constellation and it's fairly well known Hightower has no buyers and the IPO route is a disaster (Focus).
As someone who's worked in the RIA/MFO world I have never understood why PE firms like these deals as the exit is impossible to underwrite once you have a giant platform...
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PE's like them because there's a lot of cash that can be pulled out because of the recurring fees and scalability. As far as an exit goes, I can see large multi-strat AMs acquiring them for that fee stream. That's why CD&R acquired FOCS after all.
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