Latest news with #GeodesicCapital
Nikkei Asia
2 days ago
- Business
- Nikkei Asia
Ex-US envoy to Japan launches fund targeting security alliance tech
PALO ALTO, California -- A venture capital firm founded by former U.S. Ambassador to Japan John Roos is launching its first fund targeting technologies that will help strengthen the U.S.-Japan security alliance, backed by $250 million from an initial round of funding. Roos co-founded Geodesic Capital in 2015, after serving as ambassador from 2009 to 2013 under President Barack Obama. Geodesic invests in technology companies and has served as a bridge between Japanese and American companies.
Los Angeles Times
24-04-2025
- Business
- Los Angeles Times
Altruist Raises $152 Million to Accelerate Innovation for Growth-Oriented RIAs
Los Angeles-based Altruist, a modern custodian for RIAs, has announced $152 million in Series F funding led by GIC, a global institutional investor. Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth and a select group of additional partners also participated. The round values the company at approximately $1.9 billion. 'Altruist's track record of building best-in-class, innovative products has positioned them to serve a large and growing market, bringing modern infrastructure to advisors who have long been underserved,' said Choo Yong Cheen, chief investment officer of private equity at GIC. 'GIC looks forward to supporting Altruist in their mission to democratize access to financial advice through our long-term, flexible capital. We are confident in the management team's ability to deliver exceptional value to advisors and their clients.' The funding follows a landmark year for the company. In 2024, Altruist launched a suite of new products, including a high-yield cash account, automated and scalable tax management tools and a fully digital native fixed-income trading experience. The company achieved triple-digit growth in key metrics like revenue, brokerage accounts and advisors served. Earlier this year, Altruist expanded its executive team by appointing Rich Rao as chief business officer and Sumanth Sukumar as chief technology officer, building on last year's addition of Piret Loone as general counsel. These leadership hires, together with third-party trading integration enhancements scheduled for later this year, reinforce Altruist's strategic push into the enterprise market. The approach is already attracting larger, more sophisticated firms, driving average firm size up 43% year over year. Altruist now serves over 4,700 advisors and has tripled assets under management for two consecutive years. The 2025 T3 Software Survey indicated a significant jump in market share, from 2.85% to 6.25%, and scored Altruist as an All-Star in five categories: custody, portfolio management, trading/rebalancing, billing and cash management. 'Transforming the custodial layer of wealth management is no small feat, but Altruist is approaching it with long-term thinking and principled execution,' said Shan Shan, investment manager, private companies, at Baillie Gifford. 'The firm's focus on transparency, innovation and advisor empowerment is just what the growing RIA sector needs.' 'Altruist stands apart in the wealth management industry with their vertically integrated technology stack that combines custody services with front, middle and back-office tools at a fraction of traditional costs, while leading the industry into the AI age,' said Arving Ayyala, partner at Geodesic Capital. 'Their unified platform eliminates the data reconciliation nightmares plaguing RIAs while delivering a seamless digital experience that reduces labor costs by 40-60%. We're backing Jason and his team because they're not just improving the status quo – they're completely reimagining an age-old industry that has resigned itself to incumbent offerings.' Information was sourced from BusinessWire. To learn more, contact sam@
Yahoo
23-04-2025
- Business
- Yahoo
Altruist secures $152m in Series F round at nearly $1.9bn valuation
RIA custodian Altruist has raised $152m in a Series F financing round, led by Singapore's sovereign wealth fund GIC. The company will use the capital to speed up 'innovation' for growth focused RIAs. This funding round also saw participation from Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth, and a select group of additional partners, valuing Altruist at around $1.9bn. It follows a significant year for Altruist, during which the company introduced a range of new products in 2024. These offerings include a high-yield cash account, automated and scalable tax management tools, and a fully digital native fixed-income trading experience. GIC private equity chief investment officer Choo Yong Cheen said: 'Altruist's track record of building best-in-class, innovative products has positioned them to serve a large and growing market, bringing modern infrastructure to advisors who have long been underserved. 'GIC looks forward to supporting Altruist in their mission to democratise access to financial advice through our long-term, flexible capital.' Altruist reported triple-digit growth across key performance metrics, including revenue, brokerage accounts, and the number of advisors served. Altruist expanded its executive team earlier this year by appointing Rich Rao as chief business officer and Sumanth Sukumar as chief technology officer. This follows the previous year's addition of Piret Loone as general counsel. Currently, the firm serves more than 4,700 advisors and has achieved a threefold increase in assets under management for two consecutive years. Geodesic Capital partner Arving Ayyala said: 'Altruist stands apart in the wealth management industry with their vertically integrated technology stack that combines custody services with front, middle, and back-office tools at a fraction of traditional costs, while leading the industry into the AI age.' In May 2024, StratiFi partnered with Altruist to enhance outcomes for financial advisers. "Altruist secures $152m in Series F round at nearly $1.9bn valuation" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
22-04-2025
- Business
- Yahoo
Altruist Raises $152M Series F Led by GIC to Accelerate Innovation for Growth-Oriented RIAs
The round, led by GIC, follows a banner year of product launches, executive expansion, and continued momentum as Altruist solidifies its place among the top three custodians LOS ANGELES, April 22, 2025--(BUSINESS WIRE)--Altruist, the modern custodian for RIAs, today announced $152 million in Series F funding led by GIC, a global institutional investor. Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth, and a select group of additional partners also participated. The round values the company at approximately $1.9 billion. "Altruist's track record of building best-in-class, innovative products has positioned them to serve a large and growing market, bringing modern infrastructure to advisors who have long been underserved," said Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC. "GIC looks forward to supporting Altruist in their mission to democratize access to financial advice through our long-term, flexible capital. We are confident in the management team's ability to deliver exceptional value to advisors and their clients." The funding follows a landmark year. In 2024, Altruist launched a suite of new products, including a high-yield cash account, automated and scalable tax management tools, and a fully digital native fixed-income trading experience. The company achieved triple-digit growth in key metrics like revenue, brokerage accounts, and advisors served. Earlier this year, Altruist expanded its executive team by appointing Rich Rao as Chief Business Officer and Sumanth Sukumar as Chief Technology Officer, building on last year's addition of Piret Loone as General Counsel. These leadership hires, together with third-party trading integration enhancements scheduled for later this year, reinforce Altruist's strategic push into the enterprise market. The approach is already attracting larger, more sophisticated firms, driving average firm size up 43% year-over-year. Altruist now serves over 4,700 advisors and has tripled assets under management for two consecutive years. The 2025 T3 Software Survey indicated a significant jump in market share, from 2.85% to 6.25%, and scored Altruist as an All-Star in five categories: custody, portfolio management, trading/rebalancing, billing, and cash management. "Transforming the custodial layer of wealth management is no small feat, but Altruist is approaching it with long-term thinking and principled execution," said Shan Shan, Investment Manager, Private Companies, at Baillie Gifford. "The firm's focus on transparency, innovation, and advisor empowerment is just what the growing RIA sector needs." "Altruist stands apart in the wealth management industry with their vertically integrated technology stack that combines custody services with front, middle, and back-office tools at a fraction of traditional costs, while leading the industry into the AI age," said Arving Ayyala, Partner at Geodesic Capital. "Their unified platform eliminates the data reconciliation nightmares plaguing RIAs while delivering a seamless digital experience that reduces labor costs by 40-60%. We're backing Jason and his team because they're not just improving the status quo—they're completely reimagining an age-old industry that has resigned itself to incumbent offerings." To learn more about the latest round of funding, read CEO Jason Wenk's announcement here. About Altruist Altruist is the modern custodian for independent RIAs. Altruist combines a self-clearing brokerage firm with intuitive software for account opening, trading, reporting, and billing – all in one streamlined solution. With Altruist, advisors can create custom models, trade fractional shares, automate rebalancing, and share performance insights with clients using a modern mobile app. Learn more at and follow Altruist on Twitter @altruist. About GIC GIC is a leading global investment firm established in 1981 to secure Singapore's financial future. As the manager of Singapore's foreign reserves, GIC takes a long-term, disciplined approach to investing and is uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. Its long-term approach, multi-asset capabilities, and global connectivity enable it to be an investor of choice. GIC seeks to add meaningful value to its investments. Headquartered in Singapore, GIC has a global talent force of over 2,300 people in 11 key financial cities and has investments in over 40 countries. For more information, please visit or follow on LinkedIn. View source version on Contacts Media Contact:Sam Marinellisam@ 610-246-9928
