Core Insights - Summit Partners is seeking to sell its stake in RWA Wealth Partners, a registered investment advisor valued at $19.7 billion [1] - The firm has engaged Raymond James to assist in exploring an exit strategy, discussing potential sales with other private equity firms and strategic buyers [2] Group 1: Company Background - Summit Partners is a Boston-based investment firm that focuses on growth investments across various sectors, including financial services, technology, healthcare, and consumer services [4] - RWA Wealth Partners was formed through the merger of Adviser Investments and Ropes Wealth Advisors, with the rebranding occurring after Adviser Investments acquired Ropes Wealth Advisors in 2023 [2][6] Group 2: Recent Activities - RWA Wealth made its first acquisition post-merger in August, targeting a San Francisco-based registered investment advisor [6] - The firm operates in multiple states, including Massachusetts, California, Florida, Michigan, and Illinois, and has divisions for private wealth and family office services [6] Group 3: Market Context - 2025 has seen increased activity among private equity firms exiting investments made during 2019 and early 2020s, with notable transactions including Onex Partners' sale of its stake in OneDigital and Aquiline Partners' exit from SageView Advisory Group [5]

Group 1 - The private equity industry is often misunderstood, characterized as opaque and aggressive, but it is actually dynamic, collaborative, and increasingly transparent, focusing on long-term value creation [1] - Private equity provides stability and strategic guidance to investee companies, especially during turbulent times, offering a sense of security to investors compared to volatile public markets [2] - A common misconception is that IPOs are the primary exit route for private equity firms, whereas the reality is more complex [3] Group 2 - IPOs account for only a small share of private equity exits, typically 10-20% during strong bull markets, and in the past year, this figure has been even lower, with 90% of exits at HarbourVest Global Private Equity achieved through mergers and acquisitions [4] - Most exits occur through trade sales to corporates or sponsor-to-sponsor transactions, which provide liquidity while keeping the company private, making them efficient and predictable [5] - Continuation vehicles have emerged as a new exit route, allowing private equity managers to retain ownership of high-performing assets while providing liquidity options for investors [6] - The market for continuation fund transactions has significantly grown since 2022, exemplified by HarbourVest's investment in Froneri, which is undergoing a €3.6 billion capital injection [7]