Ropes & Gray, Paul Weiss Lead Bain’s $4.5 Billion Envestnet Buy

Partners across Ropes & Gray steered Bain Capital’s $4.5 billion acquisition of wealth technology platform Envestnet Inc.

The transaction, announced Thursday, was made to enhance the private investment firm’s resources for investors and financial advisors. Paul, Weiss, Rifkind, Wharton & Garrison advised Envestnet throughout the deal.

Envestnet oversees nearly $20 million in accounts, manages $6 trillion in assets, and supports hundreds of thousands of advisors and asset managers, the announcement said. BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors have invested in the deal and plan to hold minority positions in the company, according to the announcement.

The ...