The Abu Dhabi Investment Authority (ADIA) and leading US private equity firm Advent International completed a $3 billion investment in Fisher Investments (FI), marking the first outside investment in the Plano, Texas wealth manager's 45-year history. FI manages nearly $300 billion for over 170,000 clients globally, including more than 130,000 US private clients. The partnership values Fisher Investments at $12.75 billion and provides strategic capital to expand the firm's independent financial advisory services worldwide. FI has indicated no further outside investment transactions are currently being explored.

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Why This Matters

ADIA and Advent's $3 billion commitment represents a landmark investment in American wealth management, driven by shared values and aligned long-term vision. As FI's first outside investors, the partnership provides capital to accelerate international expansion and strengthen strategic planning capabilities. The investment reflects the UAE's broader commitment to US financial markets and works to scale personalized wealth management services for Americans.

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“Advent and ADIA are truly exceptional partners who value us operationally and culturally, and are committed to preserving what differentiates FI in our industry.” – Ken Fisher, Founder of Fisher Investments

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Full Press Release: Fisher Investments Finalizes Strategic Partnership with Advent and ADIA with Completion of Minority Common Stock Investment

Fisher Investments ("FI") announced that Advent International ("Advent") and a wholly owned subsidiary of the Abu Dhabi Investment Authority ("ADIA") completed a previously announced minority investment in Ken Fisher's namesake firm, Fisher Investments. The $3 billion common stock investment by 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. FI CEO Damian Ornani continues to drive FI's day-to-day operations and business strategy. In connection with the 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 12/31/24, 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. This is the first outside investment in FI, with previous ownership solely among family and employees. 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, "While my health is excellent, 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."

Damian Ornani, longtime FI CEO, said, "We welcome Advent and ADIA's support of our mission to help more new clients around the world."

David Mussafer said, "We are thrilled to cement Advent's partnership with FI at a moment when there is a growing need for the smart, independent and personalized financial expertise that FI is recognized for providing for 45 years. We look forward to closely collaborating with Ken, Damian and the rest of the FI team to support the company's continued growth, drawing on Advent's deep expertise in helping financial services companies best capitalize on the opportunities ahead."

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.

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