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True Potential receive major investment from Cinven to continue their growth

David Harrison, chair of True Potential

Newcastle-based robo-adviser investment platform and financial advice service True Potential has received a large investment from international private equity firm Cinven.

The aim of the investment, which gives Cinven a majority stake in the business, is primarily to continue True Potential’s rapid growth. The money will also be used to further develop their investment platform and financial advisor services.

The exact details of the transaction have not yet been disclosed.

David Harrison, chair of True Potential (pictured abocve), commented on how Cinven were the “right partner” for his business, and expressed his confidence in the future.

Following the partnership, he said: “Their investment will enable us to continue to deliver on our mission to revolutionise the way wealth management is provided.

“We have a shared vision, and I am certain that this investment in True Potential alongside the existing management expertise will deliver continued growth for many years to come.”

True Potential have been experiencing impressive growth year-on-year

True Potential currently offer three main services, one of which is their online investment platform, True Potential Investor. They also offer financial advice for retail clients and provide tools and services for financial advisers.

In 2017, a decade after its founding in 2007, True Potential won the “European Business of the Year” award.

At the end of the 2020 calendar year, which True Potential reported was its “best year on record”, it had £4.2 billion worth of assets under management, and an annual turnover of £184.9 million.

Now, True Potential’s technology and support services are used by about 20% of the UK financial adviser market, and it is expected to have more than £20 billion of assets under management by the end of the 2021 calendar year.

Caspar Berendsen, a partner at Cinven, complimented the growth of True Potential, and expressed his excitement of working with them well into the future.

He said: “The Cinven team looks forward to working with the excellent management team, in particular the founder-owners of the business, to support the existing strategy, building on the company’s significant growth potential and success.”

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