General Catalyst unveils wealth management business GC Wealth

Venture Capital firm General Catalyst announced the creation of a new wealth management business, GC Wealth.

GC Wealth aims to support clients from their earliest stages through their evolution.

The business will offer “specialized support, responsible collaboration and unique experiences that connect clients to global transformations shaping the future.” 

It will focus on prioritizing fee transparency, efficient investments, expert guidance and access to private investment opportunities.

The company will start out with more than $2.3 billion in assets under management (AUM) and a staff of 20 employees. Dave Breslin, former head of First Republic’s private-wealth unit, will be at the helm of the new firm.

GC Wealth’s clients will become part of GC Famiglia, a group of innovators and entrepreneurs involved in AI and early-stage businesses.

THE LARGER TREND

In January, Amazon Web Services (AWS) joined forces with General Catalyst to codevelop and deploy integrated AI-powered offerings focused on predictive and personalized care, interoperability, operational and clinical efficiency, diagnostics, and patient engagement. 

The companies aim to employ the power of generative AI using Amazon Bedrock, Anthropic and Mistral AI, in conjunction with securely trained healthcare-specific models.

In 2024, General Catalyst launched the General Catalyst Institute, an organization that will work with governments and public policy leaders globally to facilitate the adoption of new technologies to create global resilience. 

Two months later, the VC firm expanded the General Catalyst Institute into India, focusing on five key pillars, including using AI to address societal challenges and working with policymakers and entrepreneurs to build on India’s strengths in telemedicine and pharmaceuticals in order to impact the healthcare sector. 

Earlier in the year, General Catalyst’s business venture Health Assurance Transformation (HATCo) announced its intent to purchase Ohio-based Summa Health for $485 million. Summa Health is a nonprofit healthcare system with more than 30 locations throughout the Akron and Canton areas. The purchase price, when added to Summa Health’s current cash, will allow the health system to dispose of $850 million in existing debt.

General Catalyst also secured $8 billion in new capital last year, including $6 billion for its Fund XII, and $2 billion in separately managed accounts. The firm said the $8 billion will be used to boost its investments across various sectors, including defense and intelligence, climate and energy, AI, industrials, and healthcare and fintech.