General Catalyst has launched a new wealth management business called GC Wealth. The firm has hired 20 former First Republic Bank staffers, including Dave Breslin, who previously headed the bank’s private wealth unit. GC Wealth manages over $2.3 billion in assets for over 250 families.
According to Breslin, it also has another $3 billion in potential liquidity. The firm aims to guide early-stage tech entrepreneurs toward financial security. Its connection with General Catalyst offers clients unique investment opportunities in the venture capital firm’s funds and potential access to startup deals.
No one has evolved their wealth management to steward emerging-wealth individuals into financial soundness,” Breslin said. General Catalyst CEO Hemant Taneja leads the firm in integrating technology into various industries to drive societal change.
GC Wealth integrates tech-savvy approaches
The firm has broadened its focus beyond traditional venture capital, delving into healthcare, energy, and defense sectors. The collapse of First Republic and Silicon Valley Bank in 2023 left many Bay Area startup founders searching for alternative financial services. GC Wealth aims to remain competitive by replicating First Republic’s more hands-on approach.
Breslin has successfully recruited former colleagues from Boston, Bellevue, and Jackson. He has also persuaded hesitant clients, such as former Cisco Systems executive Maria Martinez, to transition to GC Wealth. “This move gave them more flexibility,” Martinez noted.
Despite potential risks associated with startup wealth, Breslin remains optimistic about the future. “You’re not just betting on individuals,” he said. You’re betting on people who will do amazing things.”