Greg Fleming, Rockefeller Capital Management president and CEO, speaks during CNBC’s ‘Squawk Box’ on July 10, 2025.CNBCRockefeller Capital Management, the wealth manager born from John D. Rockefeller’s family office, has raised new funds from investment firms of other ultra-rich families, CNBC has learned.On Tuesday, Rockefeller plans to announce the recapitalization and its new valuation of $6.6 billion, up from $3 billion in 2023. The terms of the recapitalization, which traditionally use equity or debt to fund growth, strengthen the balance sheet, or provide liquidity to investors, were not disclosed.The recapitalization was led by Mousse Partners, the family office of Chanel’s owners; Progeny 3, a Kirkland, Washington-based firm built on a shipping fortune; and Abrams Capital, the hedge fund manager founded by David Abrams, a protege of The Baupost Group’s Seth Klarman.The Rockefeller family still owns a minority stake in the firm, having rolled over some of their equity from their former family office into Rockefeller when it was formed in 2018 with only $18 billion in assets. The firm now manages $187 billion in assets, mostly through its global family office division. Rockefeller also has asset management and investment bank divisions.With the transaction, which is expected to close by the end of 2025, hedge fund and founding backer Viking Global Investors will no longer be the firm’s majority shareholder, but will still own the largest stake.Rockefeller CEO Greg Fleming told CNBC in an interview the new investors are emblematic of the entrepreneurial, high-net-worth clients that the firm targets. Rockefeller typically caters to clients with $25 million to $100 million in assets. With the fresh funding, the firm plans to reach more American business owners by hiring more advisors in existing markets including Boston and Houston and new ones like Miami and Minneapolis, he said.”Our new families that are investing here have created wealth through building businesses,” Fleming said. “In America, 4 [million] to 5 million new businesses are started and developed …
