NEW YORK (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 SCHW.N and Pershing.
Headquartered in Greenwich, Connecticut, Eldridge’s investments include fantasy sports betting firm DraftKings Inc DKNG.O, video game developer Epic Games and investment manager Maranon Capital, according to its website.
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