Caprock, an independent wealth management firm, has expanded its assets under management by roughly $4 billion with the acquisition of Austin-based Venturi Private Wealth.
The deal adds about 30 employees to Caprock’s team, including 10 advisers, and strengthens its presence in Texas while establishing a new footprint in Oklahoma City. Once finalized, Venturi will rebrand under the Caprock name and integrate its platform.
Venturi’s clients to keep current advisers, gain broader resources
Venturi, founded in 2015, serves entrepreneurs, corporate executives, and multigenerational families. Its services extend beyond traditional investment management to include family governance, wealth education, advanced planning, and CFO-like support for complex financial needs.
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According to Caprock, Venturi’s clients will retain their existing advisers while gaining access to the firm’s expanded family office resources and investment offerings. The combined entity will continue operating as an independent, fee-only fiduciary focused on ultra-high-net-worth families.
Russ Norwood, Venturi’s co-founder and CEO, said the partnership aligns with the firm’s long-standing approach to wealth management—one that prioritizes client relationships over transactional investing. “Caprock brings broader investment capabilities, deeper family office resources, and the scale to support clients as their needs evolve,” he said, while preserving the culture and independence that defined Venturi.
Caprock’s growth strategy centers on shared values, not scale for scale’s sake
Caprock co-CEO Bill Gilbert emphasized that the acquisition reflects the firm’s selective approach to expansion. “We look for firms that put clients first, share our values, and make the overall experience stronger,” he said. “Venturi has built a talented team and a strong presence in important growth markets.”
Norwood and Joey Sager, who leads Venturi’s Oklahoma City office, will transition into managing director roles at Caprock. The integration is expected to proceed gradually, with an emphasis on maintaining continuity for clients.
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This isn’t the first time Caprock has absorbed a firm with a similar client-centric philosophy. In recent years, the industry has seen a wave of consolidation among independent wealth managers, often driven by the need for broader service offerings and operational scale. Smaller firms, particularly those serving ultra-high-net-worth clients, frequently face pressure to compete with larger players while preserving the personalized touch that attracted their clients in the first place.
The deal also highlights Austin’s growing role as a hub for wealth management. The city’s booming tech sector and influx of affluent residents have made it an increasingly attractive market for firms specializing in complex financial planning. Oklahoma City, while smaller, offers a strategic foothold in a region where demand for sophisticated wealth services is rising but competition remains less intense than in coastal financial centers.
Caprock, which operates as a subsidiary of MassMutual, did not disclose financial terms of the transaction. The acquisition is expected to close in the coming months, pending regulatory approvals.