Pathstone, a private equity-backed multifamily office based in Englewood, N.J., has merged with Mill Creek Capital Advisors, a Philadelphia-area registered investment advisor with about $12 billion in assets under advisement. The deal adds 46 professionals, expanding Pathstone’s Philadelphia presence to $30 billion in assets and 120 employees.
Mill Creek was founded in 2006 by CEO Joshua Gross and Executive Chairman Richard Stevens, and today the firm serves about 450 families and institutions out of Conshohocken, Pa.
The two firms began discussing the combination last summer and closed on the deal on June 1.
“Pathstone’s culture, capabilities, and long-term orientation made this a natural next step for our clients and our team,” Gross said in a statement.
“Mill Creek brings an exceptional team, deep client relationships, and a highly respected presence in the Philadelphia region,” said Matt Fleissig, CEO of Pathstone. “Coming together strengthens our ability to serve ultra-high-net-worth families, single family offices, and institutions with the personalized, differentiated advice they expect from Pathstone in Philadelphia and beyond.”
Pathstone was founded in 2010 by Fleissig, alongside co-chairmen Steve Braverman and Allan Zachariah, with about $2 billion in assets under management. The firm now has more than 775 employees across 22 offices and $185 billion in total assets.
Pathstone’s employee-ownership model was introduced in late 2019, following an initial investment from Lovell Minnick Partners, when Pathstone claimed close to $15 billion in assets.
In 2023, middle-market private equity firm Kelso & Company joined LMP as a Pathstone investor.
