A Columbus investment firm co-founded by former presidential candidate and Cincinnati native Vivek Ramaswamy has raised $30 million toward adding wealth management services.
Strive Enterprises Inc. has grown to more than $1.6 billion in assets under management in just two years, according to a July 23 news release. Its investment thesis is that corporations should focus solely on profit and shareholder returns rather than social and cultural goals.
"Off the back of this momentum, Strive will be launching a direct wealth management offering focused exclusively on maximizing value for our clients," CEO Matt Cole said in the release. "Many Americans are hungry for an authentic and unapologetic embrace of capitalism, meritocracy and innovation, and that's what we strive to deliver."
Representatives of the firm were not immediately available for comment.
Cantor Fitzgerald L.P. led the Series B, with participation from repeat investors Dallas-based Deason Capital Services and Narya Capital, an early-stage venture capital fund based in Ohio, as well as individuals.
"We are strategically investing in fascinating companies – like Strive – that are working to shape our future," Howard Lutnick, Cantor Fitzgerald chairman, said in the release. "We look forward to partnering with Strive on their exciting growth opportunities and believe the wealth management industry is primed for an offering that focuses solely on maximizing value and returns for clients."
Founded in 2022, Strive was active in 2022-23 proxy season, advocating that publicly traded companies drop diversity, equity and inclusion and environmental, social and governance programs.
DEI and ESG programs are increasingly under fire.
In contrast, a 2023 report from McKinsey & Co. found that companies with more diversity in executive leadership performed better financially than the most homogenous ones, building on findings from the consulting firm's three prior studies since 2015.
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Ramaswamy, a St. Xavier High School alumnus – and the school's 2003 valedictorian – unsuccessfully ran in this year's Republican presidential primary. He started Strive with Anson Frericks, former president of Anheuser Busch Sales & Distribution Co.
Cole, also the firm's chief information officer, joined after leading more than $70 billion in portfolios at CalPers, a public retirement fund in California.
"It’s clear America needs and desires capitalism, meritocracy, innovation and excellence over ESG and DEI," Cole said in a LinkedIn post on July 23 celebrating the funding round.
Cantor also will provide expertise and access to its institutional network to enhance Strive products and services, according to the release.
Cantor also was the sole placement agent for the latest funding round.
Narya was co-founded by U.S. Sen. J.D. Vance, now the Republican vice presidential nominee, although he is no longer active in the VC firm's operations. Vance is from Middletown and lives in the city of Cincinnati. Ramaswamy now lives in Central Ohio. His wife is a physician at Ohio State University Wexner Medical Center in Columbus.
