Edison Partners, a Princeton, New Jersey-based growth equity investment firm, as per recent reports, has invested $62 million in financing to YieldStreet, a New York, NY-based alternative investments and digital wealth management platform.
The NY-based wealth manager plans to utilize this recent investment funding for introducing additional investment, banking, and wealth management product offerings in 2019.
According to Chris Sugden, managing partner, Edison Partners, who’ll also be joining YieldStreet as a board member, “YieldStreet is democratizing the next frontier of wealth management, giving retail investors access to institutional-grade investment products that were previously off limits to them.”
Adding further Chris said, “There’s an important financial services element to this business as well; the ability to source and underwrite investments. This requires a blend of domain and technology expertise. Milind [Mehere, co-founder and CEO] and Michael [Weisz, co-founder, and president] bring the right mix of technology and specialty finance experience to drive deals to the platform while lowering the cost of entry to investors.”
YieldStreet’s offerings include a wide range of asset classes such as real estate, legal and marine finance, and commercial loans. Furthermore, the NY-based firm claims to have created a 100,000+ member community who have invested over $600 million through the YieldStreet platform, with a 12% internal rate of return (IRR) to date.