After more than seven years of focusing on the US growth market – still one that has large opportunities – Rockefeller Capital Management is starting to turn its gaze beyond the US to other wealth markets.

A group of investors has injected more than $6.6 billion into Rockefeller Capital Management, giving the US-headquartered firm more firepower for growth at home – and internationally. 

RCM, which was founded in 2018 and was responsible for $182 billion in client assets as at the end of August, told this news service that it is eyeing opportunities for growth in areas such as Singapore and the Middle East. It already has a London office in addition to its presence in 32 US markets.

“This [recapitalisation) is a proactive step on our part. With our existing partners, we wanted to broaden the investor basis and bring in other liked-minded investors who are interested in long-term growth, stewardship and focus on the client,” Greg Fleming, RCM’s chief executive and president, said in an interview.

“We thought this would be an opportunity to take advantage of momentum in the marketplace…it is a sort of slingshot,” he said. 

Investors led by Mousse Partners, Progeny 3, and Abrams Capital have joined forces with RCM as investors. Mousse Partners oversees a diversified portfolio of assets and invests in private and publicly traded companies, as well as through third-party advised investment funds. Mousse Partners is based in New York City with investment operations in Beijing and Hong Kong. Progeny 3 is a single-family office based in Kirkland, Washington. Abrams Capital is a Boston-based investment firm that manages private and publicly traded assets.

These groups sit alongside Viking Global Investors and the Rockefeller and Desmarais families who came on board in April 2023. (The Desmarais family holds an interest in IGM Financial through its ownership in Power Corporation of Canada (which owns about 62.7 per cent IGM.)

The transaction is anticipated to close by no later than 31 December 2025, RCM said in a statement yesterday. RCM’s leadership team, including Fleming, remain meaningful shareholders of the firm. Viking Global Investors remains the firm’s largest investor, RCM said in its statement.

Broadening horizons
Fleming said he sees strong growth continuing in the US; Rockefeller Capital Management is considering building up presences in cities such as Miami, Minneapolis and Las Vegas.

“We want to be in markets where there are significant wealth and successful families,” he said. “We are looking to push forward in markets where we are under-scaled.”

After more than seven years of a very strong and disciplined focus on the US wealth market, RCM is looking internationally at opportunities such as philanthropy, including education, and working with local partners in the wealth side, he said. That includes looking at markets such as Singapore – a city of its own rapid family office growth – and the Middle East.

“We think this is an opportunity we haven’t touched to date,” Fleming said. 

Competition and growth at the ultra-HNW end
The added capital at RCM highlights how the wealth management firms serving the ultra-HNW end of the spectrum are positioning themselves, not just within the US market. With Miami-based Corient acquiring UK-based multi-family offices Stonehage Fleming and Stanhope Capital a few weeks ago, along with the rise of transatlantic wealth manager AITI Global, among others, this end of the market is becoming increasingly competitive. And the stakes are high. At the end of June 2025 there were an estimated 41.3 million high net worth individuals around the world, each with wealth in excess of $1 million. Within this relatively affluent group, the UHNW population numbered 510,810 individuals, each holding substantial fortunes in excess of $30 million, according to Altrata, a wealth intelligence and analytics firm. The ultra-wealthy represent just 1.1 per cent of the global HNW class, but their cumulative share of wealth is significantly larger. At $59.8 trillion, the total net worth of the UHNW cohort accounted for 32.4 per cent of the wealth held by all HNW individuals. (Source: World Ultra Wealth Report 2025, Altrata.)

A scion of the Rockefeller family dynasty hailed the capitalisation news.

“This recapitalisation marks an exciting new chapter for Rockefeller Capital Management,” David Rockefeller Jr, director of Rockefeller Capital Management and fourth-generation family member, said. “By welcoming these new partners alongside our existing investors, we are not only strengthening our foundation and expanding our ability to deliver exceptional service but also forging meaningful bonds between the Rockefeller family and these other distinguished families and investors.”

Fleming praised the investors who have backed RCM as he welcomed the new arrivals. “The continued support from our existing investors underscores the strength and momentum of our firm as we enter this next phase of growth. This recapitalisation represents a significant step forward, fully aligned with Rockefeller Capital Management’s long-term strategic objectives,” he said. 

Business lines
Rockefeller’s businesses are Rockefeller Global Family Office, Rockefeller Asset Management, and Rockefeller Global Investment Banking. 

Wachtell, Lipton, Rosen & Katz served as legal advisor to Rockefeller Capital Management, and Cleary Gottlieb served as legal advisor to Viking Global Investors.

Viking Global Investors, which was founded in 1999, manages more than $53 billion of capital across public and private investments. It has offices in Stamford, New York, Hong Kong, London, and San Francisco, and is registered as an RIA.

IGM Financial, based in Canada, provides wealth and asset management. It has about $303 billion in total assets under management and advisement as of 30 September. It mainly acts via IG Wealth Management and Mackenzie Investments, which are complemented by strategic positions [in] RCM and Wealthsimple and asset managers ChinaAMC and Northleaf Capital.