The Canadian firm, founded in 2017, has said it is seeking to change the face of the country's wealth management sector.

(An earlier version of this article appeared yesterday in Family Wealth Report, sister news service to this one.)

Kelso & Co, a US private equity house, has invested almost C$400 million ($284.9 million) into Canada’s Wellington-Altus.

When the transaction is completed, Kelso will acquire a 25 per cent stake in Wellington-Altus in a common equity transaction, confirming an enterprise value of C$1.5 billion-plus.

This isn’t Kelso’s first foray into wealth management investment. It has made equity investments in large RIAs Savant Wealth Management and Pathstone, for example. 

This transaction will give existing Canadian shareholders the chance to cash out a portion of their shares while ensuring that Wellington-Altus remains majority-owned by Canadians, with advisors and employees as the largest shareholder group. An overwhelming majority of the company's shareholders have agreed in writing to support the transaction, Wellington-Altus said in a statement.  

"Kelso's pioneering history in employee share ownership and substantial experience in the wealth advisory marketplace make them an ideal partner as we continue to lead the evolution of wealth management in Canada,” Shaun Hauser (pictured below), founder and CEO, Wellington-Altus, said. “This transaction also enables our advisors and employees – our largest shareholder group – to unlock additional value from their investments. At the same time, Wellington-Altus remains very well capitalised with no net debt and strong growth prospects." 

Shaun Hauser

Existing investor Cynosure Group, which has already invested more than C$100 million in Wellington-Altus, is continuing to support the business; it is not seeking liquidity currently.  

Ardea Partners served as exclusive financial advisor to Wellington-Altus. Goldman Sachs financially advised Kelso. 

The investment is subject to approval by Wellington-Altus shareholders, regulatory approval in Canada, and other customary closing conditions. The transaction is expected to close in early 2026. 

Wellington-Altus, which was founded in 2017, has more than C$40 billion in assets under administration. Family Wealth Report interviewed Hauser in 2024 about the firm's business strategy.