Maridea Wealth Management, a Brooklyn-based registered investment advisor founded in 2023, has sold a private equity stake to 119th Street Capital and Pelican Capital to fund acquisitions and partnerships.
Former hedge fund manager and investment banker Mier Wang founded Maridea and has about $470 million in client assets, and seven members on the leadership team. That includes senior advisors Larry Koehler, previously vice chairman of HighTower Advisors, and Dan Lidawer, co-founder and chief operating officer at Cresset Wealth Advisors.
119th Street Capital, based in Merrillville, Indiana, invests solely in privately owned financial services firms and is a wholly owned subsidiary of First Bancshares Inc. It was joined in the investment by Pelican Capital, a New York-based financial and business services investment firm focused on “influence-oriented and control” investments, meaning investments that give them the ability to shape strategic business decisions with the firm’s management team.
“We’re excited to partner with Mier Wang and the broader team comprised of industry leaders, in support of Maridea’s mission to provide unparalleled wealth management services to individuals and families,” Anthony Contrucci, managing partner at 119th Street, said via email. “The firm’s commitment to world-class culture, advisory excellence, and support for their advisors are a strong foundation to grow upon.”
The capital infusion for a relatively new RIA is a continued sign of the high interest from private equity in the space. In DeVoe & Company’s most recent RIA deal book, the consultancy wrote that private equity-backed consolidators led the charge in a record-setting first quarter for deals.
Contrucci said 119th Street doesn’t have a specific growth timeline and is a “patient capital partner” that will provide “both financial and non-financial resources.”
He said the RIA sector is attractive due to its fee-only, fiduciary model, which it believes “best aligns advisors with their clients’ interests.” He also noted the overlap with other investments in the portfolio, including insurance, tax and accounting, and other financial services.
Before founding Maridea, Wang worked at a $20 billion hedge fund, and an investment group he helped grow from $200 million to over $2 billion in AUM. Before that, he was an investment banker with J.P. Morgan, specializing in financial institutions.
Maridea is a subsidiary of Maridea Global Capital Management and has already acquired other RIAs with offices in New Jersey and Texas. Maridea also invests in advisors with less than $1 billion in AUM.
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