Steward Partners Secures $140 Million Credit Facility to Support Continued Growth and Accelerate Recruiting Effort

NEW YORK, Nov. 8, 2022 /PRNewswire/ -- Steward Partners Global Advisory, LLC, an employee-owned, full-service independent partnership, has secured a $140 million credit facility to support the next phase of the partnership's development and fuel its future growth. The facility was led by Apogem Capital LLC, with support from Manulife Investment Management, and Cynosure Investment Partners, LLC.

"This event speaks to Steward Partners' growth as a firm, further enhances our financial stability, and provides additional resources to support our continued growth," said Hy Saporta, President and Chief Operating Officer, Steward Partners Global Advisory.

"This new facility provides us with additional capacity for growth and investment, be it in recruiting or into our platform, services, and solutions" explained Joe Faber, Chief Financial Officer, Steward Partners Global Advisory. "This transaction represents a prudent course of action that utilizes modest leverage to help secure the firm's financial future in the midst of heightened volatility and uncertain market conditions," he continued.

"We've been closely following Steward Partners' trajectory and have been impressed by the firm's differentiated business model and leadership team," said William Kindorf, Co-Head of Sponsor Coverage, Insurance, and Financial Services, Apogem Capital. "We're thrilled to be their capital partner and to provide additional growth that we believe will sustain their momentum."

Steward Partners is one of the country's fastest growing independent wealth management firms, recently ranked on Barron's 2022 list of Top 100 RIAs¹ for the third consecutive year, an annual ranking of independent advisory companies based on value of assets managed, technology spending, staff diversity, succession planning, and other metrics. Steward Partners also had 15 of its partners named to the Forbes List of Best-In-State Wealth Advisors and three advisors on Forbes America's Top Women Wealth Advisors Best-In-State List in 2022, both of which are prepared by SHOOK Research².

Securities and investment advisory services offered through Steward Partners Investment Solutions, LLC, registered broker/dealer, member FINRA/SIPC, and SEC registered investment adviser. Investment Advisory Services may also be offered through Steward Partners Investment Advisory, LLC, an SEC registered investment adviser. Steward Partners Investment Solutions, LLC, Steward Partners Investment Advisory, LLC, and Steward Partners Global Advisory, LLC are affiliates and separately operated.  

Apogem Capital LLC was formed in April 2022 through the combination of PA Capital, Madison Capital Funding and GoldPoint Partners to create a singular and unified, world class private markets alternative investment firm. With approximately $39 billion in assets under management as of March 31, 2022, Apogem Capital has deep relationships, data, and history in the middle market to deliver innovative solutions to both clients and sponsors. Apogem Capital offers investors access to the middle market's growth engine through investments in leading private companies and funds. The Firm manages a streamlined suite of capital solutions, including direct lending, junior debt, primary fund investments, secondary investments, equity-co-investments, GP stakes and private real assets. Apogem Capital is a wholly owned subsidiary of New York Life Insurance Company ("NYLIC"), through New York Life Investment Management Holdings, LLC ("NYLIM").

¹ Barron's Top 100 RIA Firms, 2022. Barron's is a registered trademark of Dow Jones & Company, L.P. All rights reserved. Participation in this ranking is by invitation only and limited to firms that meet the minimum eligibility requirements. spending, number of clients, size of staff, diversity across staff, and placement of a succession plan. The ranking may not be representative of any one client's experience, is not an endorsement, and is not indicative of the advisor's future performance. Neither Steward Partners Investment Solutions, LLC nor its Wealth Managers pays a fee to Barron's in exchange for the rating.

² Source: Forbes.com Forbes Best-in-State Wealth Advisors ranking was developed by SHOOK Research and is based on in-person, virtual and telephone due diligence meetings to evaluate each advisor qualitatively, a major component of a ranking algorithm that includes: client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC and are not indicative of future performance or representative of any one client's experience. Neither Steward Partners Investment Solutions, LLC nor its Wealth Managers pay a fee to Forbes or SHOOK Research in exchange for the ranking. For more information, see www.SHOOKresearch.com.

Media Contact:        
Michaela Morales
JConnelly
[email protected]
973.224.7152

SOURCE Steward Partners Global Advisory Group

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