Miracle Mile Advisors Announces Combination with Karp Capital Management and Concurrent Investment by Corsair Capital

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LOS ANGELES–(BUSINESS WIRE)–Miracle Mile Advisors and Karp Capital Management today announced their intention to merge, creating an award-winning national wealth management advisory firm with more than $4 billion in assets under management and serving clients in from five main offices. In conjunction with the transaction, the combined company will receive a significant investment from Corsair Capital, a leading private equity firm in the financial services and business services industries. The combination and subsequent investment by Corsair is expected to be completed in November 2022, subject to customary closing conditions.

Karp Capital is a San Francisco Bay Area-based wealth management firm with over $1.2 billion in client assets. Peter Karp founded Karp Capital in 2004 as an independent alternative to large brokerage firms, providing sophisticated financial planning, investment advisory and retirement services to high net worth individuals and business owners with specific expertise in the automotive industry. “Miracle Mile and Karp Capital coming together is a unique partnership. We share a strong cultural alignment and a commitment to providing our clients with highly personalized fiduciary advice. Our focus on providing wealth management services to the automotive, RV and powersports spaces complements Miracle Mile’s broad base of advanced financial planning and wealth advisory services,” said Peter Karp.

Miracle Mile is an award-winning national wealth advisor headquartered in Los Angeles, with offices in New York, Chicago and Portland. Founded in 2007, Miracle Mile offers its clients highly personalized financial advice on all aspects of their balance sheet. Miracle Mile is consistently ranked as one of Top 50 fastest growing RIAs nationally, one of Best Workplaces for Financial Advisors and has several top-ranked advisors from Forbes and Barron. “We are fortunate to have developed an incredible culture and track record of growth that has attracted some of the best and brightest advisory teams in the industry, and the addition of Karp Capital is a perfect example of this. As we grow the combined business and improve the service offering to our customers, we have found an incredible partner in Corsair. Their deep industry expertise and network will be critical to our future success,” said Duncan Rolph, Managing Partner. “With our combined capabilities, we believe we can offer a differentiated partnership, culture and set of resources to other wealth management firms looking to grow and prosper.

Corsair plans to leverage its deep fintech and wealth management expertise to support Miracle Mile as it accelerates growth trajectory, improves customer experience and builds on its track record of acquisitions and successful partnerships. Corsair’s investment in Miracle Mile builds on its success in investing in the asset and wealth management industry. “We’ve been looking at the wealth management advisory space for several years, trying to find the right platform company – we found it at Miracle Mile. Their unwavering commitment to customers, incredible management team, market-leading growth and award-winning culture make the newly combined company an ideal fit,” said Gunnar Overstrom, Partner at Corsair. Tony Ling, CEO of Corsair, added,Miracle Mile is uniquely positioned as the ideal partner for high-growth advisors and their clientele.

Raymond James’ Asset & Wealth Management Investment Banking team served as financial advisor to Miracle Mile and Karp Capital on the combination and recapitalization, Wilmer Cutler Pickering Hale and Dorr LLP served as legal advisor to Miracle Mile and Venable LLP served legal advisor to Karp Capital. Simpson Thacher & Bartlett LLP served as legal advisor and Ardea Partners LP and Waller Helms Advisors served as financial advisors to Corsair Capital.

About Miracle Mile Advisors

Miracle Mile Advisors is a registered investment advisor committed to providing dynamic financial planning and personalized investment management to high net worth individuals, families, business owners and institutions. Miracle Mile advisors integrate client ambitions with the best advice, guidance and technology, and have been recognized in major industry awards such as Barron’s, Financial Times, Forbes, Inc. and InvestmentNews. To learn more, visit: www.miraclemileadvisors.com.

About Karp Capital Management

Karp Capital Management is a registered investment advisor serving as a trusted partner for highly successful individuals, businesses and families. Karp Capital simplifies the complexity of its clients’ financial lives and integrates the clients’ overall wealth situation with their long-term aspirations so that they are confident in achieving what is important to them. To learn more, visit www.karpcapital.com.

About Corsair

Corsair is a global specialist investment firm that provides opportunities for investors and solutions for businesses in financial and business services and infrastructure. The company has nearly three decades of experience partnering with companies at the crossroads of technological transformation and financial services complexity and established its complementary infrastructure investing practice in 2015. Corsair has invested $12 billion capital in its global buyouts and infrastructure platforms since its inception. For more information about Corsair, visit www.corsair-capital.com/.

The acknowledgments listed above do not constitute an endorsement or recommendation of any type of MMA services, products or personnel. Refer to https://miraclemileadvisors.com/disclosures/ for recognition methodology.

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