Emigrant Exits Elevation Point After Assets Grow to $18 Billion

Emigrant Partners announced the realization of its investment in Elevation Point on November 9, 2026, following a recapitalization by Merchant. The transaction provides full liquidity for Emigrant’s investment, although financial terms were not disclosed.

Emigrant said the roughly 18-month hold was atypical for a long-term, non-governance minority partner whose longest investment spans 19 years. Over that period, Elevation Point’s assets under supervision, meaning assets managed and advised upon, grew nearly sixfold, from $3.2 billion at the May 2025 investment to $18 billion following its latest team partnership.

“Accelerated growth requires a platform and people that can support it, and Elevation Point has both,” said Liz Nesvold, chair of Emigrant Partners. She described the original ambition as helping Elevation Point move from start-up to scale while preserving its entrepreneurial spirit, and said the partners had achieved their goals in a remarkably short period.

Cleros Launch Illustrates Team-by-Team Expansion

Cleros Wealth Partners launched as an independently registered investment adviser on November 4, 2026, with a strategic investment from Elevation Point. Founded by Kyle Kight, Alex Armstrong and Jamie Packer, the Fort Worth firm has an 11-member team serving high-net-worth families as well as endowments and foundations. Cleros reported that the team had overseen approximately $3.61 billion in assets under supervision at UBS.

Elevation Point says its assets-under-supervision figures reflect assets reported by each team or firm when it partners with the company and are not updated for subsequent market movement or client activity. The reported growth therefore captures the scale of advisory businesses when they joined, rather than subsequent changes in their client assets.

Original Financing Paired Capital With Operating Support

The original May 6, 2025 investment announcement paired Emigrant’s strategic minority investment with a senior debt facility established to support expansion. Elevation Point described the facility as significant and said the partnership would broaden services for high-net-worth and ultra-high-net-worth clients, enhance family-office capabilities and accelerate advisory-team onboarding; no financial terms were disclosed.

At the time, Elevation Point had just closed its third investment of 2025, underscoring that the financing backed an expansion already under way.

Emigrant reported supporting nearly a dozen partner-firm investments during the partnership. It also helped recruit additional senior leaders and connected partner firms to research, benchmarking and resources covering organic growth, technology and human capital. “Emigrant was instrumental in helping us turn our vision into a business with meaningful scale,” said Jim Dickson, Elevation Point’s founding partner and CEO.

Emigrant said it will continue providing ancillary services through Emigrant Family Office after the realization. Merchant therefore becomes the partner for Elevation Point’s next chapter while Emigrant retains a service relationship, making the transaction a change in capital partner rather than a complete separation between the two organizations.