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Charles Schwab Will Offer $800 Million Private Equity Fund


Following its acquisition of U.S. Trust of New York this past June, Charles Schwab & Co. of San Francisco will offer an $800 million private equity fund for wealthy investors this fall, a Schwab spokesperson said.

The introduction of the fund is in line with a growing interest among fund companies and supermarkets to tap into the high-net-worth market.

U.S. Trust will manage the fund, to be called Excelsior Ventures Partners III LLC, and Schwab will distribute it, the Schwab spokesperson said.

This is the first venture to come out of Schwab's acquisition of U.S. Trust and the third private equity fund that U.S. Trust has introduced in the Excelsior Ventures line, the spokesperson said.

Minimum investments in the fund will be $100,000, the spokesperson said.