Elevation Point takes minority stake in $750M ex-UBS team Truing Capital Advisors

Elevation Point has taken a minority stake in Truing Capital Advisors, a Las Vegas team with about $750 million in assets under supervision, WealthManagement.com reported.

Truing is led by founding partners Russell Price and Salvatore (Sam) Mineo and previously operated as MPI Wealth Management at UBS. It will use Goldman Sachs Custody Solutions for custody. Clients include company founders and entrepreneurs, families with significant real estate and other concentrated assets, and individuals working through a business sale, a divorce or the loss of a spouse, according to the report.

"Our new structure gives us greater control over how we serve clients and the flexibility to build solutions around their needs, supported by the resources and capabilities of leading financial institutions," Price said in a statement.

Truing is the second UBS-bred team Elevation Point has backed. In February the firm took a minority stake in Atlanta-based Hampton Bluff Capital Partners, which managed about $1.3 billion before breaking away from UBS. The two teams together account for roughly $2.05 billion of the $14.4 billion in client assets Elevation Point has accumulated through deals with independent RIAs since launching in mid-2024.

The $50 billion goal belongs to Elevation Point, according to the report. Jim Dickson, the firm's founder and former chief executive of Sanctuary Wealth, said Elevation Point will seek an additional capital infusion to keep pursuing that target over the next two years. The gap from $14.4 billion is about $35.6 billion; at $750 million apiece, covering it with Truing-sized teams would take roughly 47 of them.

Elevation Point has also sold equity in itself: last May it sold a minority stake to Emigrant Partners, a deal the report says gave Emigrant exposure to the breakaway advisor market.

The report does not disclose the size of Elevation Point's stake in Truing or what it paid. It does report the custody arrangement: Truing will custody with Goldman Sachs Custody Solutions, the platform this publication has covered expanding its RIA custody build-out, most recently with Orion's AI-assisted account-opening tool.

Fidelity's midyear data put the median RIA acquisition target at $630 million, with private equity behind 89% of transactions, as this publication reported in August. That is a whole-firm measure, not a team's assets under supervision.