WealthManagement.com – Constellation Stakes Dynasty-Backed Procyon Partners

Constellation Wealth Capital has staked its latest firm: Procyon Partners, an $8 billion RIA based in Connecticut and part of the Dynasty Financial Partners network.

Procyon CEO and Co-Founder Phil Fiore said in a statement that the deal was a “transformative moment” for the firm.

Constellation Wealth Capital “shares our commitment to client-first values, innovation and long-term partnership,” he said. “With their support, we’re positioned to accelerate our growth while continuing to deliver the exceptional, independent advice our clients have come to trust.”

The minority investment from Constellation, a private equity firm founded by former Emigrant Partners CEO Karl Heckenberg, will help Procyon expand its talent pool and open new offices in key markets nationwide. “Our focus has always been up and down the Eastern Seaboard,” Fiore told WealthManagement.com. “However, we think areas like Nashville, Chicago, Ohio and Texas are incredible geographies where we would be foolish not to consider hanging a flag, as there is some great talent in the independent space and in the wirehouses in those areas!”

Procyon Partners will remain independently operated after the deal, with continued support from Dynasty. Dynasty’s Investment Bank supported Procyon’s management team during the deal, while Houlihan Lokey acted as Procyon’s investment banking advisor.

The firm has offices in Connecticut, New York City, Long Island, N.Y., Tennessee and Maryland, focusing on institutional retirement consulting and private wealth management. The Constellation investment will also expand the

Fiore co-founded Procyon in 2017 with Dynasty’s assistance. Before going independent, Fiore had built prominent institutional consulting groups at Merrill Lynch and UBS. A team of UBS advisors, including Fiore, Jeff Farrar, Lou Gloria, Tom Gahan and Christ Foster, formed Procyon’s initial core.

In December, the firm hired Rich Franchella as a senior vice president of business development to help speed recruiting advisors in private wealth, institutional consulting, tax and risk management (Franchella was previously an advisor recruiter at Baird). 

Earlier this year, Procyon hired Mark Sullivan from UBS as a senior vice president and senior private wealth advisor in its Connecticut location. He managed $800 million in client assets and specialized in working with first-generation entrepreneurs.

Heckenberg founded Constellation Wealth in late 2023, aiming to take minority stakes in growing wealth management firms nationwide. Since forming, Constellation has made eight investments, including its first in AlphaCore Wealth Advisory and AITi Tiedemann Global, Avior Wealth Management, CV Advisors, Lido Advisors, Perigon Wealth Management, and Requisite Capital Management. 

Late last year, the firm took a minority stake in Cresset Asset Management, investing $150 million, representing less than 10% of Cresset’s total equity. In December, the firm also closed its inaugural fund with more than $1 billion in capital commitments. The Capital Fund partners included insurance companies, endowments, foundations, asset managers, and fund-of-funds.