Goldman Sachs Alternatives Takes Minority Stake in £3bn Adviser The Private Office
- Simon Bourke
- Jan 28
- 4 min read
28th January 2026
Goldman Sachs Alternatives has agreed to become a minority shareholder in The Private Office (TPO), a Leeds-headquartered chartered financial planning firm that manages over £3bn in client assets.
Deal summary
Acquirer: Goldman Sachs Alternatives (alternative investments arm of Goldman Sachs Asset Management)
The deal: Investment alongside a significant reinvestment by TPO’s management team, led by CEO Stuart Phillips.
Location: TPO is headquartered in Leeds with offices in London and Bath, serving clients UK-wide.
Date: Announced 28 January 2026; completion subject to FCA approval.
Terms: Undisclosed
Who is Goldman Sachs Alternatives?
Goldman Sachs Alternatives is part of Goldman Sachs Asset Management’s alternatives platform, investing across private equity, private credit, real estate and other alternative strategies. Goldman Sachs manages more than $3.6trn in assets under supervision globally as of 31 December 2025. The firm has over 30 years of experience in alternative investments.
Who is The Private Office (TPO)?
Founded in 2008 in Leeds, TPO is a Chartered independent financial advice and planning firm with a national footprint. TPO manages more than £3bn of client assets and has 181 staff, including 53 advisers, across Leeds, London and Bath. The firm serves over 5,500 clients (individuals, businesses, charities and trusts). All advisers are shareholders in the business, with many trained through TPO's in-house academy.
Why is Goldman Sachs Alternatives acquiring a minority stake in TPO?
TPO's investment comes after a period of operational restructuring that significantly improved the firm's profitability. Citywire reported that, in the 12 months to 31 March 2025, TPO’s pre-tax profit rose from £221,712 to £2.9m, based on an update filed at Companies House. Much of this improvement followed a 2024 partnership with Pacific Asset Management to provide investment solutions to discretionary clients, which generated £1.3m in profits through revenue sharing and allowed TPO to reduce its in-house investment team.
TPO explored a sale a few years ago, with consolidator Progeny reported to be close to acquiring the business before the process stalled. The firm spent the intervening period cutting costs and outsourcing functions, positioning itself more attractively for potential investors. The current deal structure preserves TPO's employee ownership model while providing capital for growth, an increasingly common approach in the UK advice market as firms seek to balance independence with scale.
What happens next?
The transaction is subject to FCA approval. No completion date or integration timetable has been publicly confirmed, and the investment size has not been disclosed. TPO's management team, led by CEO Stuart Phillips, is making a significant reinvestment alongside Goldman Sachs Alternatives' minority stake. The firm's existing shareholder structure, which includes co-founder Mike Edge (who owns approximately half the business through Mike Edge Holdings), will remain in place. Edge has stated he will direct half of his proceeds from TPO to Restore Our Planet, the environmental charity he chairs.
What this deal means for financial services firm owners considering a sale
Minority investments are gaining traction. This deal demonstrates that full acquisitions are not the only route to liquidity. Minority investments allow founders and management teams to take some capital off the table while retaining operational control and participating in future growth. However, they typically require the business to be in strong financial health and demonstrate clear growth potential.
Operational efficiency matters for valuation. TPO's dramatic improvement in profitability through cost management and strategic outsourcing likely improved its attractiveness to investors. Firms considering a sale should examine whether outsourcing investment management or platform functions could strengthen their financial position before going to market.
Timing can be reconsidered. TPO's decision to pause its previous sale process and focus on operational improvements before returning to market suggests that pulling back from a deal is not necessarily a failure. If initial conversations do not yield the right outcome, addressing structural issues and returning with stronger financials may produce better results.
FAQs
What is a minority investment vs a full acquisition?
In a minority investment, the buyer acquires less than 50% of the business, leaving control with existing shareholders. Full acquisitions typically involve the buyer taking majority or complete ownership. Minority investments often come with management reinvestment requirements and may include options for future buyouts.
Does TPO operate under a network or is it directly authorised?
TPO is directly authorised by the FCA as a chartered independent financial planning firm. However, it does operate a white-label platform (TPO Invest) with SS&C Hubwise and previously had appointed representative arrangements.
What happened to TPO's in-house investment team?
TPO reduced its internal investment team following a 2024 partnership with Pacific Asset Management, which now provides investment solutions for the firm's discretionary clients. This outsourcing arrangement contributed £1.3m to profits through revenue sharing.
Considering your next chapter?
At Chapters Capital, we specialise in financial planning and wealth management M&A.
Whether you are considering a sale, merger, or want to learn more about buyers in the space, please contact one of our professional associates today for a confidential, no-obligation consultation.
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