Brad Mook | Rosemont's History in GP Stakes and the Move to Permanent Capital

Oct 14, 2026 · 1 hr 1 min · 20 segments

What happens when a firm that helped pioneer minority investing in asset managers decides to step off the private equity treadmill? In this episode of Dakota Live!, Robert Morier welcomes Brad Mook, Managing Director of Investments and Finance at Rosemont Investment Group, for a conversation about the evolution of GP stakes, the economics of owning investment management businesses, and the importance of permanent capital in building sustainable firms. Founded in 2000, Rosemont was among the early specialists making minority investments in employee-owned asset management firms. After more than 30 investments across three private equity funds, the firm changed course in 2018, partnering with Markel Corporation to invest permanent capital without a required exit. As Brad explains, that decision fundamentally changed Rosemont's investment horizon and the characteristics it looks for in a partner. The conversation traces Brad's own career from sell-side equity research to manager selection at SEI Investments and ultimately to Rosemont, where he learned an important distinction: a great investment strategy doesn't necessarily make a great business. Together, Robert and Brad explore how GP staking has evolved as more capital has entered the industry, why Rosemont remains focused on minority partnerships rather than aggregation, and the challenges of preserving employee ownership across generations. They also discuss the psychology and economics of succession planning, the importance of organic growth, and why Rosemont's portfolio has evolved from traditional asset management boutiques toward wealth management and outsourced CIO businesses. Throughout the conversation, Brad returns to a central idea: successful partnerships require patience, alignment, and a willingness to put the long-term sustainability of the business ahead of the next transaction. For emerging managers, established boutiques, and institutional investors interested in the evolution of GP stakes, this episode offers a perspective from a firm that has been investing in the industry for more than two decades.