Promus Holdings Completes Strategic Transaction with Waverly Advisors

CHICAGO, IL – December 2025 – Promus Holdings, LLC (“Promus Holdings”) announced the closing of a strategic transaction with Waverly Advisors, LLC (“Waverly”), an investment adviser with approximately $29.5 billion in assets under management (“AUM”) as of November 14, 2025. Through this transaction, Waverly acquired certain Promus business lines representing approximately $3.1 billion in regulatory AUM as of June 30, 2025, including Promus Capital (its wealth management and family office services), the Promus Access private equity strategy, and the Promus Realty real estate strategy. Promus Equity Partners, the direct private equity investment arm of Promus Holdings, was not included in the transaction and remains wholly owned and operated by Promus Holdings.

Promus was founded nearly twenty years ago with a simple belief: families steward their resources more effectively when they learn, invest, and grow together. From the earliest days — when the Musso and Code families blended their experiences in private markets, foundations, and family investing — Promus has been guided by a mission of thoughtful stewardship, intentional partnership, and disciplined private markets investing. The firm has since grown from its roots as a multi-family office to a diversified private markets organization serving families, individuals, and institutions.

Promus Holdings completed the transaction following a multi-year strategic planning process that evaluated how best to position the firm for sustainable growth, deeper service capabilities, and strong investment results. The transaction reflects a commitment to expanding access to quality private markets strategies while delivering next-generation advisory and planning resources to families.

“As we evaluated Promus’s future, our priority was to ensure that each part of our organization is positioned to thrive for decades to come,” said Brian Musso, Co-Founder and Managing Partner of Promus Holdings. “This transaction enables exactly that — Promus’s wealth management and family office team gains expanded planning resources within Waverly and Promus Access and Promus Realty benefit from Waverly’s scale.”

Promus’s wealth management and family office team (formerly Promus Capital) has transitioned to Waverly, where clients will continue working with the same advisors, who now have access to Waverly’s robust tax, estate, and financial planning resources. This integration strengthens the team’s ability to serve multi-generational families through a broader suite of advisory services while preserving the relationship-driven culture that has long defined Promus.

As part of the strategic transaction, Promus Capital Management, LLC (“Promus Capital Management”) was formed as a new Waverly subsidiary, bringing the Promus Access and Promus Realty investment management capabilities together under one unified brand. Promus Capital Management’s investment efforts will remain focused on private equity and real estate strategies, including primary fund allocations, buyouts, co-investments, general partner (“GP”) solutions, and opportunistic joint ventures. Managing Partner Sarah Wuellner will continue to lead the Promus Access strategy and will oversee the private equity platform of Promus Capital Management. Partners Brett Moore, Jr. and Joseph Chang will continue to lead the Promus Realty strategy and oversee the firm’s real estate platform. Promus Co-Founders Brian Musso and Andy Code, along with Steve Brown, will continue to serve on the investment committees supporting Promus Capital Management’s existing funds.

“The creation of Promus Capital Management represents a compelling next step for Promus’s private markets investment platforms,” said Andy Code, Co-Founder of Promus Holdings. “By coupling Promus’s long-standing investment expertise with Waverly’s infrastructure and distribution, the group is well positioned to broaden access to quality private markets opportunities while preserving the team, discipline, and philosophy that have historically defined Promus’s results.”

Promus Equity Partners, the direct private equity arm of Promus Holdings, remains wholly owned by Promus Holdings and intends to continue to pursue and invest in lower-middle market-companies and oversee its portfolio of 21 active investments with total value of over $1 billion. Promus Equity Partners will continue its close collaboration with the Promus Access strategy to source and co-sponsor direct investments, as appropriate, preserving the integrated ecosystem Promus has developed over the past two decades. Although the transaction creates distinct operating entities, the teams remain united by shared history, values, and long-term collaboration.

“Our goal was to ensure continuity—for our employees, our families, and our investors,” said Musso. “Even as we evolve structurally, we remain aligned in purpose. This is an evolution, not a departure, and we believe our collective future is stronger as a result.”

Vedder Price P.C. provided legal counsel across all Promus Holdings entities in connection with the transaction.