# Ascent Private Capital Management

Ascent Private Capital Management is a Multi Family Office based in Minneapolis, United States.

## Overview

- **Organization type:** Multi Family Office
- **Headquarters:** Minneapolis, United States
- **Region:** North America
- **Address:** Minneapolis, MN, United States
- **Founded:** 2011
- **Assets under management:** $25B (Altss estimate)
- **Website:** usbank.com
- **LinkedIn:** https://www.linkedin.com/company/ascent-private-capital-management

## Regulatory record

- **Reports private funds:** No

## About

Ascent Private Capital Management was established in 2011 as the ultra-high-net-worth platform inside U.S. Bank. It reports to U.S. Bancorp and maintains separate service tiers from the bank's Private Client Reserve division. The firm allocates across private equity, real estate, private credit, hedge funds and philanthropic vehicles. It deploys capital through direct co-investments, SPVs and fund-of-funds structures. Activity remains concentrated in North America. No specific portfolio holdings appear in public records. Ascent employs teams of specialists for investment management, trust administration and family governance. Michael A. Cole led the unit for eight years before departing in June 2018 to join Cresset Capital Management. The firm holds a corporate partnership with the Goering Center at the University of Cincinnati. Ascent operates as an internal division rather than an independent entity, which shapes its access to U.S. Bank infrastructure and custody capabilities.

## Sectors

- ClimateTech
- AI/ML
- Private Equity
- Real Estate
- Private Credit

## People

- Kurt Silberstein — Managing Director of Alternative Investments

## Questions

### Who runs investment decisions at Ascent Private Capital Management?

Kurt Silberstein holds the title of Managing Director of Alternative Investments. No other current investment committee members are named in public materials.

### Is Ascent structured as a single family office or does it operate more like a venture firm?

Ascent functions as a multi-family office division inside U.S. Bank. It serves multiple ultra-high-net-worth families rather than a single lineage.

### Does Ascent participate in fund commitments or only direct deals?

The firm uses both fund commitments and direct co-investments. Confirmed investment types include SPVs, fund-of-funds and private credit vehicles.

### Where does the underlying client base originate?

Clients are referred through U.S. Bank wealth channels. Minimum thresholds are $25M in assets for Ascent versus $1M for the bank's Private Client Reserve.

### How is Ascent related to U.S. Bancorp?

Ascent is a division of U.S. Bank N.A., which is a subsidiary of the publicly traded U.S. Bancorp.

## Related profiles

- [Willett Advisors](https://altss.com/profile/willett-advisors-michael-bloomberg-family-office)
- [KIRKBI](https://altss.com/profile/kirkbi-kristiansen-family-office)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/ascent-private-capital-management

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