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Emigrant Partners
Emigrant Partners operates as the cornerstone investment affiliate of Milstein Companies, deploying permanent family capital into minority equity...
Emigrant Partners
Emigrant Partners operates as the cornerstone investment affiliate of Milstein Companies, deploying permanent family capital into minority equity positions across the registered investment advisor and asset management ecosystem. Led by CEO Jenny Hourihan, who ascended to the role in early 2023 after leading the firm's strategic advisory practice, the team uses bespoke, tax-efficient structures to finance ownership transitions — founder liquidity, internal succession, and M&A — across the lifecycle of its partner firms. The firm's capital solutions span growth equity, acquisition finance, and partial buyouts, targeted exclusively at wealth and asset managers. Emigrant Partners states its partner firms collectively oversee assets generating combined annual revenues that run well into the hundreds of millions, though the firm does not disclose a consolidated AUM nor a specific number of platform investments. The investment committee includes Vice Chair of Emigrant Bank and Emigrant Partners Chair Liz Nesvold, who joined the investor ranks in 2024 after a 30-year career building M&A advisory powerhouse Silver Lane — a franchise she founded in 2007 and later sold to a Fortune 500 company. The team sources deals nationwide from its New York headquarters. The investment and advisory bench draws heavily from M&A, RIA consulting, and institutional asset management. Managing Director Mark Bruno joined in October 2023 from Informa's wealth management group; Director of Research & Consulting Kyle Gentile arrived from a $3.2 billion Denver RIA and previously spent nearly a decade at Focus Financial Partners. The firm's parent, Milstein Companies, controls a portfolio of operating businesses that includes New York Private Bank & Trust, a suite of private trust companies spanning New York, Sarasota, and Cleveland, the Summitas digital platform, and a specialty insurance brokerage, placing Emigrant Partners at the center of a broader wealth-solutions ecosystem. Emigrant Partners brands itself as the earliest minority investor dedicated to the asset and wealth management industry, backed by a fourth-generation family enterprise with no imperative to exit on a fund cycle. That permanent-capital structure allows the firm to hold investments across decades — its website reports an average holding period for realized positions measured in years rather than quarters — and to offer partner firms continuity through economic cycles that traditional private equity sponsors cannot replicate.
General information
Firm type
Private Equity
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
22 Vanderbilt Ave, Suite 6B, New York, NY 10017, United States
Principals
Jenny Hourihan
CEO & President
Liz Nesvold
Vice Chair of Emigrant Bank and Chair of Emigrant Partners
Mark Bruno
Managing Director, Head of Strategic Advisory
Jamie Kogan
General Counsel and Chief Operating Officer
Karl Schneider
Director, Investments
Ryan Daly
Director, Investments
Kyle Gentile
Director of Research & Consulting
Howard Milstein
Chairman and CEO of New York Private Bank & Trust and Milstein Properties
Barry Friedberg
Co-Chairman of the Board of NYPB&T
Sector focus
Frequently asked questions
Who runs investment decisions at Emigrant Partners?
CEO and President Jenny Hourihan sets the firm's strategic direction and oversees both new platform investments and sub-acquisitions for partner firms. The Investment Committee includes Chair Liz Nesvold, a 30-year veteran of RIA M&A who founded Silver Lane Advisors, alongside Emigrant Bank Co-Chairman Barry Friedberg and Milstein Companies Chairman Howard Milstein. Day-to-day deal execution is led by Directors Karl Schneider and Ryan Daly, who source and diligence new investments out of New York.
How does Emigrant Partners source deals?
The firm originates proprietary deal flow through the deep wealth management networks of its leadership team — particularly Chair Liz Nesvold, who spent three decades as the industry's most recognized M&A banker, and Managing Director Mark Bruno, whose career spans RIA research, events, and consulting at Informa and InvestmentNews. Emigrant Partners structures minority investments directly with founder-led wealth and asset management firms seeking growth capital, succession funding, or liquidity, typically without a formal auction process.
Is Emigrant Partners a single-family office or a private equity firm?
Emigrant Partners functions as a permanent-capital investment platform within Milstein Companies, a fourth-generation family-owned operating entity. It deploys off-balance-sheet family capital rather than committed fund structures, but operates with the deal diligence and portfolio support infrastructure of an institutional private equity firm. The firm's indefinite hold periods and tax-efficient minority structures distinguish it from traditional PE sponsors.
Where does the underlying capital come from?
The capital base traces to the Milstein family's fourth-generation enterprise, which encompasses Milstein Properties, New York Private Bank & Trust, and a portfolio of operating businesses across real estate, banking, and specialty finance. Emigrant Partners is a unit within that ecosystem, drawing permanent capital that does not face the fundraising or exit-timeline constraints of a conventional fund manager.
Does Emigrant Partners take majority or minority positions?
Emigrant Partners exclusively takes minority equity positions, positioning itself as a strategic partner rather than an acquirer. Its capital solutions are structured around specific events in a firm's lifecycle — organic growth acceleration, M&A financing, founder liquidity, internal succession, and advisor recruitment — with the operating firm's founders retaining control.
How does Emigrant Partners support firms post-investment?
The firm fields a dedicated Strategic Advisory team, led by Managing Director Mark Bruno and Director of Research & Consulting Kyle Gentile. Their mandate spans organic growth strategy, human capital planning, efficiency consulting, and M&A origination for partner firms — extending well beyond passive capital provision. This advisory overlay is staffed by professionals with operating backgrounds at Focus Financial Partners and institutional asset managers.
How is Emigrant Partners related to Emigrant Bank?
Emigrant Bank and Emigrant Partners operate as separate affiliates under the Milstein Companies umbrella. Liz Nesvold serves as Vice Chair of Emigrant Bank and Chair of Emigrant Partners, creating a governance link between the depository institution and the investment platform. Emigrant Bank's subsidiary trust companies — New York Private Trust, Sarasota Private Trust, and Cleveland Private Trust — provide fiduciary and wealth-management services that coexist alongside Emigrant Partners' minority-investment strategy.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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