Novo Nordisk, Eli Lilly fall after Trump comments on weight loss drug pricing
Investing.com -- Rockefeller Capital Management, the wealth manager that originated from John D. Rockefeller’s family office, has secured new funding from investment firms representing ultra-wealthy families, according to a CNBC report on Tuesday.
The company reportedly plans to formally announce the deal that values it at $6.6 billion later on Tuesday. The valuation is more than double its $3 billion valuation in 2023. The specific terms of the transcation were not disclosed.
The funding round was led by Mousse Partners, the family office of Chanel’s owners; Progeny 3, a Kirkland, Washington-based firm built on a shipping fortune; and Abrams Capital, the hedge fund manager founded by David Abrams, who previously worked with The Baupost Group’s Seth Klarman.
The Rockefeller family maintains a minority stake in the firm, having transferred some of their equity from their former family office when Rockefeller Capital Management was established in 2018 with $18 billion in assets. The company now manages $187 billion in assets.
Upon completion of the transaction, expected by the end of 2025, founding investor Viking Global Investors will no longer be the majority shareholder but will retain the largest individual stake in the company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.