IEQ Capital, a registered investment advisor based in San Francisco backed by Stone Point Capital with $26.5 billion in assets under management, has acquired EPIQ Capital Group, a Bay Area-based multifamily office with $5.3 billion in client assets.
EPIC it was launched in 2018 by Chad Boedingone of the four co-founders of Iconiq Capital, according to Bloomberg. Iconiq, which Boeding helped launch in 2011, leveraged its ties to Silicon Valley executives — chief among them Mark Zuckerberg of Meta Platform Inc. – growing rapidly. Some rivals have criticized Iconiq for promoting its funds rather than remaining an impartial adviser.
EPIQ caters to clients worth at least $100 million. But unlike Iconiq, it doesn't sell its own venture or private equity funds.
Once the deal closes later this year, the combined RIA will have $32 billion in assets under management. The deal will expand IEQ's footprint in the San Francisco Bay Area, Los Angeles, Newport Beach, Calif., Dallas, Denver, St. Louis, Nashville, Tenn., Boston, Atlanta and Miami.
Boeding will become a managing partner of IEQ alongside the firm's co-founders.
“EPIQ was founded with the goal of reimagining a new standard of excellence in the industry, shifting the paradigm of what it means to be a fiduciary and advocate for our clients by providing access to a broad network of investments and partnerships,” said Boeding in a statement. “I am thrilled to be joining forces with IEQ, a firm that shares a similar vision of transforming wealth management.”
IEQ was founded in 2019 by Alan Zafran, Eric Harrison and Rob Skinner. They founded and led before Bright capitala $5.5 billion RIA that it sold to First Republic in 2012 for $120 million.
In 2019, The original Luminous team left the First Republic after just a few years, taking with it a reported $17 billion in clients, about 12% of First Republic's wealth management assets at the time. They created two RIAs: David Hou and Mark Sear created Evoke Wealth in Los Angeles, while the others started IEQ.
In January 2023, IEQ sold a minority share to private equity firm Stone Point Capital.
“(EPIQ is) our neighbor in the San Francisco Bay Area, and they have a reputation in the Silicon Valley and San Francisco markets for providing comprehensive and personalized family office services to their clients nationwide,” Harrison said in a statement.