Episode summary
HGGC Partner, Chairman, Co-Founder Steve Young & True North Advisors CEO & Co-Founder Scott Wood
Alt Goes Mainstream
· · Hosts: Michael Sidgmore · Guests: Steve Young, Scott Wood
Summary
Steve Young framed HGGC as a private equity firm built to be a real partner rather than a financial buyer, saying he wanted relationships that were not driven only by dollars. He said HGGC has completed 69 platform transactions over 16 years and none have been 100% ownership deals, reflecting a model centered on autonomy, long-term relationships, and referenceability. Scott Wood described True North Advisors as a fee-only, independent RIA founded in 2000 to eliminate conflicts of interest and build a collaborative team culture rather than a collection of individual books of business.
Wood said True North grew to roughly $3.9 billion in AUM, with $812 million in alternatives, by steadily expanding from investment consulting into wealth planning and then into a more scalable alternatives platform. He argued that the key to growth has been making acquisitions and partnerships additive, where 1 plus 1 can equal 3, and where new teams bring capabilities that strengthen client service.
Both men emphasized culture over pure economics. Young said the right partner shares values and client-first instincts, while Wood said the partnership works because HGGC and Wealth Partners Capital Group respected True North’s governance and cultural veto rights. They both viewed private equity as a tool to support better client outcomes, not just a path to a traditional exit.
Key takeaways
- Steve Young said HGGC’s strategy is partner-centric, with 69 platform transactions over 16 years and no 100% ownership deals.
- Scott Wood said True North was built as a fee-only RIA to remove conflicts and create a collaborative culture focused on clients.
- Wood said True North’s alternatives platform grew to about $812 million by building a structure that fits into a public-market portfolio.
- Young argued that private equity should improve client outcomes and help firms like True North keep their autonomy and purpose.
- Both speakers said culture fit mattered more than price, with the transaction designed to support long-term growth rather than force an exit.
Notable quotes
“it was like a hornets's nest of relationships and as long as you made money, nothing else mattered”
“we wanted to be on the same side of the table as our clients. We wanted to eliminate all the conflicts of interest”
“it's how do we make one and one equal three every single time”
“the score takes care of itself based on un underpinned values and culture”
How the episode opens
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We're going to collision of culture and finance. We're going. Welcome back to the Alco's mainstream podcast.
Today's episode welcomes two elite performers in Steve Young of HGGC and Scott Wood of True North Adviserss where they talk about how they formed a partnership based on shared values. Steve's private equity firm 7 billion AUM HGC took a minority stake in Scott's independent wealth management firm 3.9 billion AUM True North Adviserss as part of their broader wealth management investment thesis.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- advisor m&a
- wealth management culture fit
- private equity vs wealth management
- alternatives allocation
- long-term partnerships
Companies and tickers mentioned
- HGGC
- True North Advisors
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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Alt Goes Mainstream, this episode and its artwork belong to Michael Sidgmore. Octagon is not affiliated with the show; this page is an independent summary.
