NEW YORK, Nov 18 (Reuters) - Eldridge, the investment firm
led by Los Angeles Dodgers owner Todd Boehly, has agreed to
invest $50 million in Capital Integration Systems LLC (CAIS), a
platform that independent wealth advisors use to access
investment products and services.
Eldridge will gain a seat on CAIS' board of directors, the
companies said on Wednesday. CAIS' valuation was not disclosed.
"We felt this was the right time to raise money," CAIS
Founder and Chief Executive Matt Brown said in an interview.
CAIS is profitable and growing at an annual rate of between
20 percent and 30 percent, Brown said. The firm offers
alternative investment products such as private equity and real
estate to independent wealth managers.
Many alternative asset managers are not focused on wealth
managers because of their small scale. By aggregating wealth
managers and alternative investment products on one platform,
CAIS seeks to make investments more efficient.
Founded in 2009, CAIS is now used by thousands of financial
advisors who collectively oversee more than $1.2 trillion in
assets. It partners with some of the nation's largest
custodians, including Fidelity Investments, Charles Schwab Corp
Headquartered in Greenwich, Connecticut, Eldridge's
investments include fantasy sports betting firm DraftKings Inc
, video game developer Epic Games and investment manager
Maranon Capital, according to its website.
(Reporting by David French and Krystal Hu in New York
Editing by Nick Zieminski)