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Paul Allen Estate Sells Wealth Adviser Stake
9 Jan
Summary
- Paul Allen's estate sold its stake in wealth adviser Cercano Management.
- Cercano Management now fully employee-owned after spin-off.
- The firm oversees $10.5 billion across public markets, private equity, and real estate.
The estate of Microsoft co-founder Paul Allen has sold its stake in Cercano Management, a wealth adviser firm. This transaction signifies a significant shift, as Cercano is now entirely owned by its employees for the first time since its separation from Allen's family office four years ago.
Despite the ownership change, Cercano remains a key asset manager for Allen's estate and foundation, overseeing an estimated $10.5 billion. The firm's investment strategy spans public markets, private equity, and real estate, catering to ultra-wealthy clients and foundations.
Cercano Management was initially spun out from Allen's private investment firm, now known as Vale Group, with approximately $8 billion in assets under management. This latest development follows other asset dispositions from Allen's estate, including sports teams and personal assets, as it continues to manage the late entrepreneur's considerable fortune.
