Private credit firm Willow Tree funds VestGen's buying of retiring advisors' practices

Ten firms with $5.3 billion ^[1] plus nine with $2.2 billion ^[2] come to $7.5 billion ^[16], the number in Hanavan's statement as FinTech Global printed it: "After launching only two years ago and successfully integrating 19 firms representing $7.5 billion in assets primarily in the Midwest, access to institutional capital will allow us to continue our aggressive growth strategy." ^[15] FinTech Global and Wealth Management both put the current total at $8.5 billion ^[10][3]. That leaves $1 billion outside the cohorts as described ^[17]. A timing difference (assets counted at different dates, after market moves and new deposits) would explain it, and we'd expect that to be the answer.

The acquisitions have also got smaller on average. The launch cohort averaged $530 million a firm ^[11]. The nine firms added in 2025 averaged $244 million ^[12], or 46% of that ^[13]. That fits a platform that buys businesses from retiring advisors, some of which can go to younger advisors, with senior advisors acting as mentors and consultants before they leave ^[8]. An average of nine hides the spread, and a few large practices in the launch cohort would produce the same gap. The firm counts add the same way, 10 plus nine being 19 ^[14].

Whether this is private credit backing succession-driven consolidation depends on the instrument. Wealth Management describes Willow Tree as a private credit alternatives firm ^[4], and Hanavan called the independent wealth management space "quickly consolidating and evolving" ^[9]. Tim Lower, Willow Tree's founder and CEO, said: "We are pleased to provide flexible capital to support their acquisition strategy and look forward to a long-term partnership." ^[7] The companies did not disclose the amount, the pricing or whether the money is debt.

The longer Wealth Management report adds a wrinkle. Philip Bianchi, founder and managing partner of nFleXion, said the deal was "a highly strategic financing that will benefit multiple stakeholders, especially employee shareholders" ^[20], while the stated use of the money is acquisitions ^[5]. The phrase leaves open that some of the proceeds reach shareholders, and we'd treat that as unconfirmed. We'd drop the lender reading if the instrument turns out to be mostly equity, and the acquisition reading if a large share of the proceeds goes to shareholders.